In period, I recall mall-only toy stores typically being more expensive than the bigger toy-only chains and bargain stores. It's possible that some first-run figures might have been in that $5 range, but maybe not. I just remember my parents not really wanting me to buy Transformers at the mall 
Edit: Seeing the old Toys R Us sticker for $2.99 jogged my memory that that was a very popular price for a lot of toys then. G.I. Joes were often in that range, too, and you could really stretch your dough picking up some smaller (but still cool) figures.
Edit: Seeing the old Toys R Us sticker for $2.99 jogged my memory that that was a very popular price for a lot of toys then. G.I. Joes were often in that range, too, and you could really stretch your dough picking up some smaller (but still cool) figures.