PLEASANT VIEW, Ind. (Inside INdiana Business) — Philadelphia-based Five Below Inc. (Nasdaq: FIVE) has made official its plans to open a new distribution center in Shelby County.
The specialty discount retailer says it will invest more than $100 million to build the 1-million-square-foot facility, which will be known as Ship Center Indiana, near the Marion-Shelby county line and create more than 470 jobs by the end of 2025. The company joined Gov. Eric Holcomb Wednesday morning for a ceremonial groundbreaking at the 100-acre site, which is located along the I-74 corridor.
Plans for the facility were first detailed last month through documents filed with the county. Five Below says the project will support its continued growth and expansion in the Midwest.
“Five Below strives to offer the best products, at an unbeatable value, to more customers every single day,” Five Below Chief Executive Officer Joel Anderson said in a news release. “This can be achieved with continued distribution expansion. Ship Center Indiana is going to be an incredible facility filled with state-of-the-art technology, and great for boosting the local economy by creating jobs.”
The company currently employs more than 900 workers at its existing distribution centers in Georgia, New Jersey, Mississippi and Texas, and says it will begin hiring at the Shelby County facility in 2022. According to county documents, the new jobs would come with an annual payroll of $17.4 million.
The new distribution center is expected to be operational in the summer of 2022.
The Indiana Economic Development Corp. has offered Five Below up to $2.8 million in conditional tax credits, which the company will not be eligible to claim until Hoosier workers are hired for the new jobs. The IEDC also plans to offer up to $1 million to the local community through the Industrial Development Grant Fund to support infrastructure improvements.
Shelby County has approved additional incentives for the project as well.
The facility’s address will be 12050 S McGregor Road.