HHGregg Inc. planning major expansion in region starting next year - San Francisco Business Times:

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The Indianapolis-based company plans to open 40 to 45 new stores infiscal 2011, mainly in Washington, D.C., and Philadelphia. The retailer’s fiscal 2011 runs from March 2010 toMarchg 2011. The expansion will be HHGregg’ws (NYSE: HGG) initial foray into the mid-Atlantix and will follow onetime electronics giantyCircuit City’s exit from the markeg following bankruptcy. The new stores are part of an aggressivse growth strategy aimed at taking advantage of cheap renta l rates and excess realestatse capacity, President Dennis May said in a The company also plans to open a distribution centetr in the mid-Atlantic region.
The averagde HHGregg store is 30,000 square feet and employs 40 workers. The company said it has begunb to execute leases on thefuturr stores, but a spokeswoman declinesd Wednesday to disclose any specifi c locations for the stores or the distributionh center. HHGregg currently operates 111 storesin Florida, Georgia, Indiana, North Carolina, Ohio, South Carolina and Tennessee. In fiscal year 2009, the company posted sales of $1.4 billion and a profitr of $36.5 million.