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Five Below store to close in Gallery and reopen in Lits Building

Five Below Inc. will close its store in the Gallery at Market East next year and reopen in 2018 on the ground floor of the former Lit Bros. building, which also will house the teen-focused retailer's corporate headquarters.

The company, which sells items priced between $1 and $5, will occupy a 15,000-square-foot retail space on the ground floor of the 701 Market St. property now known as the Lits Building, chief executive Joel Anderson said in an interview Tuesday.

Anderson spoke after officially announcing the headquarters move from a 60,000-square-foot space in the office tower at 1818 Market St. to 180,000 square feet of offices at the one-time department store. Another 8,000 square feet will accommodate a "prototype" store closed to the public that the company to use as a test space, he said.

Most of the stores in the Gallery have already been shuttered, as owner Pennsylvania Real Estate Investment Trust redevelops the shopping mall into what is being called Fashion Outlets of Philadelphia.