hhgregg Details Major Expansion
Midwestern retailer hhgregg on Wednesday announced a major geographical expansion, revealing plans to open many new stores in multiple new markets in the next few years.
hhgregg said that it plans to open 20 to 22 new stores in the current fiscal year and entering the Tampa, Memphis and Richmond markets. But the company plans an even larger jump in fiscal year 2011, when it will open 40-45 new stores and enter the Eastern Seaboard, arriving in the Philadelphia, Baltimore and Washington markets. The 2011 expansion will also include the opening of a central distribution center for the Mid-Atlantic region.
“We have an extraordinary opportunity to gain market share by taking advantage of the current rental rates and excess availability in the real estate market," the company's president and COO, Dennis May, said as part of the announcement.