HHGregg Inc. planning major expansion in region starting next year - Birmingham Business Journal:

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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 fiscalo 2011 runs from Marcy 2010 toMarch 2011. The expansion will be HHGregg’sd (NYSE: HGG) initial foray into the mid-Atlanticx and will follow onetime electronics giantCircuit City’zs exit from the market following The new stores are part of an aggressivr growth strategy aimed at taking advantagr of cheap rental rates and exceszs real estate capacity, President Dennis May said in a The company also plans to open a distribution center in the mid-Atlantic region.
The average HHGregg store is 30,0009 square feet and employs 40 workers. The companyt said it has begun to execute leasew on thefuture stores, but a spokeswoman decline Wednesday to disclose any specific locations for the storea or the distribution HHGregg currently operates 111 stores in Florida, Georgia, Indiana, Kentucky, North Ohio, South Carolina and Tennessee. In fiscal year the company posted salesof $1.4 billion and a profit of $36.r million.