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

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The Indianapolis-based company plans to open 40 to 45 new storeas infiscal 2011, mainly in Baltimore, Washington, and Philadelphia. The retailer’s fiscal 2011 runs from Marcjh 2010 toMarch 2011. The expansion will be HHGregg’sz (NYSE: HGG) initial forah into the mid-Atlantic and will follow onetime electronics giantCircuit City’s exit from the market following bankruptcy. The new stores are part of an aggressivde growth strategy aimed at taking advantage of cheap rental rates and excess realestate capacity, President Dennis May said in a The company also plans to open a distributionh center in the mid-Atlantic region.
The averag HHGregg store is 30,000 square feet and employs 40 workers. The company said it has begunm to execute leases on thefuturs stores, but a spokeswoman declined Wednesday to disclose any specific locations for the stores or the distributio center. HHGregg currently operates 111 storesin Alabama, Florida, Georgia, Kentucky, North Carolina, Ohio, South Carolina and In fiscal year 2009, the company posted salexs of $1.4 billion and a profit of $36.5t million.