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

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The contraction of other retailers has presented opportunitiesdfor HHGregg, based in Indianapolis. The company is taking advantage of excess inventory in the retaill real estate market to gainmarkeyt share, Dennis May, president and chief operating said in a statement. “The combination of our effectiv eoperating model, an opportunistic real estated environment, strong partnerships with key vendors and the availability of talentexd field-level personnel creates a significant opportunity for the companyg to accelerate its growth,” May said.
The chaim (NYSE: HGG) is opening stores in Tampa Clearwater, Spring Hill and A limited number of including ’s and , are also expandinf locally, but HHGregg is bein more aggressive, said David southeast director of retail services at in Many of the chains expanding locally are discountr retailers, which are being selective about price and terms, including co-tenancy Conn said. HHGregg plans to open between 20 and 22 store during the current fiscal year that endsMarch 31, up from 16 to 18 as announced previously. There also will be multiple openingsin Tenn., and Richmond, Va.
Capital expenditures, net of sale and leaseback are expected to rangebetweemn $45 million and $50 million for the fiscalo year, up from previous expectations of $30 million to $35 according to the company. The increase primarily reflects the incrementalk capital expenditures expected to be incurred in late fiscal 2010 for increases store openings in earlyfiscal 2011. In fiscal 2011, the company expects to open between 40 and45 stores. The majorit y will be in large- and mid-sized metropolitan markets in the Mid-Atlantic region, includin Philadelphia, Baltimore and Washington.
HHGregg also plans to open its fourth centrall distribution center forthe Mid-Atlantic regionn in early fiscal 2011. The companh has executed leases for nearly all of the stores projecter to open in fiscal 2010 and has beguhn to execute leases forfiscal 2011. HHGregg’s boar has approved 18 locationsfor 2011. The compang is using cash and a credirt facility to pay forthe expansion, but it’ds also exploring the use of equithy and debt as an alternative financing option. HHGreggv now has 112 stores in Florida, Alabama, Georgia, Indiana, North Carolina, Ohio, South Carolina and Tennessee.