INDIANAPOLIS–Consumer electronics retailer hhgregg has updated its store-opening plans in connection with its accelerated growth strategy for 2010 and 2011.
The company said it now expects to open between 20 and 22 new stores in the current fiscal year (2010), up from its previous expectation for 16 to 18 new stores. For fiscal 2011, store openings are expected to reach between 40 and 45. Among the new markets hhgregg expects to enter over these two fiscal periods are Tampa, Fla.; Memphis, Tenn.; Richmond, Va.; Philadelphia, Baltimore and Washington.
Dennis May, the retailer’s president and chief operating officer, said current real-estate rental rates and excess availability in the retail-market afford hhgregg “an extraordinary opportunity to gain market share.” Hhgregg stores offer consumer electronics, home appliances and mattresses.
