By Mark Abrams

CENTER CITY (CBS) — A Philadelphia-based retailer specialized in low-priced goods for the pre-teen and teen-age market announces a headquarters move to an iconic Center City location.

The operators of Five-Below say they’ve signed a 15-year-lease to relocate their headquarters from 1818 Market Street to the former Lit Bros. building at 701 Market St. in Philadelphia.

Five Below President and CEO Joel Anderson said they looked all over.

“Candidly, we looked everywhere,” Anderson said.  “We looked in the suburbs, across the river in New Jersey and then we found this gem.”

Anderson said the move, coming in 2018, will involve some 300 employees and a retail store facing Market Street.

“A lot of people don’t realize that the Lit Bros was the hub of commerce for decades in Philadelphia.”

Mayor Jim Kenney said Five Below’s decision could spark even more interest in the Market East Corridor.

“When people continue to show confidence in the city other companies that may want to come here or thinking about relocating or expanding will stay here.”