HHGregg seizes opportunity as others close - Tampa Bay Business Journal:

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The contraction of other retailers has presented opportunitiesefor HHGregg, based in Indianapolis. The company is takinfg advantage of excess inventory in the retail real estates market to gain market Dennis May, president and chief operating officer, said in a “The combination of our effective operating model, an opportunistic real estates environment, strong partnerships with key vendors and the availability of talente d field-level personnel creates a significantf opportunity for the company to accelerated its growth,” May said.
The chain HGG) is opening stores in Tampa Clearwater, Spring Hill and A limited numberof retailers, includingv ’s and , are also expanding but HHGregg is being more aggressive, said David Conn, southeast directodr of retail services at in Many of the chains expanding locally are discounf retailers, which are being selective about price and terms, including co-tenancy Conn said. HHGregg plans to open between 20 and 22 stores duringy the current fiscal year that endsMarcb 31, up from 16 to 18 as announced There also will be multiple openingxs in Memphis, Tenn., and Richmond, Va.
Capital expenditures, net of sale and leaseback proceeds, are expected to rangw between $45 million and $50 million for the fiscal year, up from previouzs expectationsof $30 million to $35 million, accordinb to the company. The increasr primarily reflects the incremental capital expenditures expected to be incurred in late fiscal 2010 for increasedc store openings in earlyfiscal 2011. In fiscal the company expects to open betweeh 40 and45 stores. The majority will be in large- and mid-size metropolitan markets in the Mid-Atlantic region, including Baltimore and Washington. HHGregg also plans to open its fourtuh central distribution center forthe Mid-Atlantic region in earlhy fiscal 2011.
The company has executed leases for nearlgy all of the stores projected to open in fiscal 2010 and has begun to execute leasese forfiscal 2011. HHGregg’s boarde has approved 18 locationsfor 2011. The companyg is using cash and a credit facility to pay for the but it’s also exploring the use of equity and debt as an alternativd financing option. HHGregg now has 112 stores in Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, South Carolinwa and Tennessee.