Five Below to open in former Old Navy site
DeKALB — A portion of the former Old Navy store at 2347 Sycamore Road has been leased by Five Below, said Roger Hopkins, DeKalb's economic development consultant.
"The developer believes he is just a few days away from signing a lease for the rest of the building, but I can't say anything more at this time," Hopkins said.
Located between Michael's and T.J. Maxx, Old Navy closed in February 2012 after 10 years at that location inside the Oakland Place shopping center. The former Old Navy site has been divided into two spaces.
Five Below is a discount retailer with everything priced from $1 to $5. According to its website, the company's target market is teens and preteens. Headquartered in Philadelphia, the company has more than 200 stores, including several in northern Illinois.
"We have heard from the developer and store owner that they plan to open in mid-March," Hopkins said.
No incentives have been sought from the city, he said. Retail leases typically signed for at least five to 10 years, Hopkins said, but he doesn't know the particulars of the Five Below agreement.
Calls to Five Below and Oakland Place developer, Mid-America Asset Management, were not returned on Monday.