Five Below will move into the space in spring 2013. The distribution center is expected to create 100 regional jobs in 2013 and as many as 300 new positions over the next two years.

"It's an exciting time for Five Below, and we are quickly rolling out new stores in existing and new markets," said Tom Vellios, CEO and co-founder of Five Below. "Our original distribution center in Newark, Del., has performed tremendously over the past six years, but as more stores opened and our geographic footprint expanded, we recognized the need for a second facility to support this growth. Olive Branch, Miss., is centrally located to help facilitate our future expansion."

"I am pleased that Five Below looked to north Mississippi for its new distribution operations, and we welcome the company to our state," Mississippi Governor Phil Bryant said. "The investment being made and the jobs being created in Olive Branch will have a positive impact on the region, and I wish the company many years of success here in Mississippi."

Over the past three years, Five Below has opened nearly 150 new stores, more than doubling in size and greatly expanding its market presence. Today, the company has 245 locations across 18 states.

Source: Five Below