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Five Below introduces items above $5 for the first time in 17 years

The price increase applies to certain tech items, toys and games that will be sold in a separate section of the store.
Five Below store
Five Below was founded in Wayne, Pennsylvania and has now expanded to over 850 stores in 36 states.Getty Images
/ Source: TODAY

Five Below is going above five.

The discount store that sells products for $5 or less is raising prices on some items to up to $10, marking the first change in its price point in 17 years.

"We’ve always done everything possible to absorb cost increases,'' the company said in a statement posted to its website and social media pages. "Recently, we had to raise prices above $5 on tech items to keep providing the products you love."

The company, which was founded in 2002, said the items above $5 are primarily tech products, toys and games.

The raise in prices on some items contradicts the name of the company, which was addressed in the statement. "So, the big question – are we keeping our name? Yes. Most of the store remains at $5 and below,'' the company said.

It has separated "a handful" of toys and games ranging from $6 to $10 into a separate section called the "Ten Below Gift Shop."

The tech items over $5 will be in a section called "Ten Below Tech." They include USB cables, iPhone screen protectors and Bluetooth speakers, many of which are listed for $5.55 on the company's website.

"We understand this change surprised you,'' the company said in its statement. "We’ve already received tons of feedback – some positive, some negative, all passionate – and we want to let you know that (a) we owed you this explanation and (b) our commitment is always to offer you the best possible value on the fun, new stuff you want."

Customers' reactions to the price hike were mixed.

"I understand prices go up but their name and entire concept was based on $5 and below so it just doesn’t seem right," wrote one commenter on Twitter.

Another commenter wasn't bothered by the price hike, writing, "People just like to complain about everything. All prices everywhere go up but just because of your name people are going to gripe even more. Don’t worry, I’ll still shop there."

For those bargain hunters who love a great find at places like Five Below and the dollar store, here are some expert tips on finding the good stuff as well as tips on turning dollar-store items into expensive-looking decor this holiday season.