What if one real estate decision changed the trajectory of an entire company?

Back in 2021, the retail industry was navigating supply chain disruptions, soaring construction costs, and an uncertain recovery. Today, this conversation with Five Below Vice President of Real Estate Zach Minteer feels less like a snapshot in time and more like a masterclass in building a resilient retail business.

This replay features Chris and Zach discussing one of retail's most remarkable growth stories. Before Five Below became a national retailer with thousands of locations, it was a startup learning hard lessons about growth, operations, and disciplined decision-making. Zach shares how one store in Downingtown, Pennsylvania became the turning point that helped shape the company's future.

The conversation explores why Five Below intentionally slowed its expansion after growing too quickly, completely reimagined its store prototype, and took a calculated risk on a larger format that ultimately became the blueprint for the brand's explosive growth. Zach walks through the real estate strategy, landlord negotiations, site selection process, and partnership required to make that first prototype store a reality.

It's also fascinating to revisit the industry's perspective on post-pandemic consumer demand, construction costs, supply chain disruptions, leasing momentum, and the rapid acceleration of omnichannel retail. Some challenges have evolved, while others remain just as relevant for retailers, owners, and investors.

Beyond the market discussion, Zach shares what it was like joining Five Below as one of the company's earliest employees, helping scale the business from just a few dozen stores to a publicly traded retailer, and why preserving company culture matters as much as opening new locations.

More than a time capsule, this conversation is a reminder that while retail continues to evolve, disciplined growth, strong partnerships, and thoughtful real estate decisions never go out of style.

What You’ll Hear

• Why Five Below paused its growth to build a stronger foundation
• The story behind the prototype store that changed the company's future
• Lessons on scaling a retailer from startup to public company
• How landlords and retailers partnered through uncertain market conditions
• Why company culture becomes even more important as organizations grow
• Timeless real estate and leadership lessons that still apply today

Chapters

00:00 – Welcome to Zach Mintier

Chris welcomes the Five Below real estate leader and longtime industry friend.

09:20 – Retail's post-pandemic comeback

A look back at the surprisingly strong recovery, leasing activity, and consumer demand.

18:30 – Construction costs and supply chain challenges

Why retailers and landlords had to collaborate to keep deals moving.

27:45 – The story of Downingtown begins

How one Pennsylvania store became a defining moment for Five Below.

31:20 – Pressing pause to rethink growth

Why Five Below halted expansion, redesigned its stores, and changed course.

35:30 – Negotiating the impossible deal

Finding the right site, convincing leadership, and partnering with the landlord.

45:30 – Opening day changes everything

The launch of the first larger-format Five Below and the customer response.

48:45 – From startup to retail powerhouse

Zach reflects on scaling Five Below while preserving the culture that fueled its success.

51:30 – Retail wisdom

Favorite retailers, grilling, Target aisles, and Chris' signature rapid-fire qu