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hhgregg Identifies First Florida Locations

Indianapolis — Retailer hhgregg will open its first Florida stores in Jacksonville and Orlando, and is also considering sites in Tampa and Tallahassee, according to a report in today’s Orlando Sentinel.

The multi-regional brown- and white-goods chain first announced its designs on the Sunshine State in July, along with plans to ultimately operate upwards of 400 stores in new and existing markets. The company completed a $48.8 million initial public offering later that month.

Marketing VP Jeff Pearson told the Sentinel that the first Florida stores would open in Jacksonville, to be followed by five Orlando-area locations by mid-2008. He said that the company is also looking at sites in the Tampa and Tallahassee markets.

hhgregg’s presently operates 80 stores stretching from Indiana to Alabama. The chain expects to open 13 to 15 new stores in total during its current fiscal year, including one in Fayetteville, N.C., this quarter; five in the third quarter; and upwards of seven stores in the fourth quarter to be concentrated largely in the Birmingham, Ala., and Raleigh-Durham, N.C., markets.

The retailer has earmarked $22 million to $24 million in capital expenditures to fuel the expansion.