Dive Brief:

• Fast-fashion and sundries retailer Five Below Inc. said Thursday that president and COO Joel Anderson will be president and CEO as of Feb. 1.

• Anderson joined the company in July. He was previously president and CEO of walmart.com, the retail giant’s e-commerce arm and is widely seen as integrating Wal-Mart’s website to an omni-channel retail business.

• Co-founder and CEO Tom Vellios is staying on as executive chairman and his co-founder David Schlessinger remains on the board.

Dive Insight:

Five Below is expanding, doubling its warehouse space and opening 12 new stores this year, an increase of 20%. The retailer recently reported that Q3 same-store sales rose 1.5% and forecasted Q4 same-store sales growth of 4%. Q3 sales rose 24.6% to $138 million from $110.7 million last year, meeting expectations, but its Q4 outlook stymied its share price.

With this expansion, new CEO Anderson will encounter increased competition sprouting in the discount retail segment. But his knowledge of omni-channel operations is sure to give Five Below a competitive edge.