HHGregg Inc. planning major expansion in region starting next year - The Business Journal of Milwaukee:

savimy.blogspot.com
The Indianapolis-based company plans to open 40 to 45 new stores infiscal 2011, mainly in Baltimore, Washington, D.C., and The retailer’s fiscal 2011 runs from March 2010 to Marchn 2011. The expansion will be HHGregg’s (NYSE: HGG) initiak foray into the mid-Atlantic and will follow onetime electronics giantCircuit City’s exit from the marke t following bankruptcy. The new storezs are part of an aggressivd growth strategy aimed at taking advantaged of cheap rental ratez and excess real estate President Dennis May said ina statement. The companyy also plans to open a distributioh center inthe mid-Atlantic region.
The average HHGregg store is 30,000 square feet and employs 40 The company said it has begun to executw leases on the future but a spokeswoman declined Wednesday to disclosee any specific locations for the stores or thedistribution center. HHGregg currentl operates 111 storesin Alabama, Georgia, Indiana, Kentucky, North Carolina, Ohio, Soutg Carolina and Tennessee. In fiscal year 2009, the companyt posted sales of $1.4 billion and a profit of $36.5 million.