hhgregg has put its plans to become a nationwide chain on temporary hold, CEO Dennis May said.
In an interview with the company’s hometown Indianapolis Business Journal, May said the 60-year-old multiregional retailer is taking a breather after opening over 200 stores in the last 16 years.
Among May’s other shared insights:
* hhgregg’s TV business has declined from nearly $1 billion to about $650 million due to the category’s “significant duress,” although he’s optimistic about 4K this holiday season as the TVs drop to “power-alley price points”;
* online is the company’s fastest-growing area, with web sales nearing 10 percent of the business;
* furniture too is nearing 10 percent of sales, and hhgregg hopes to double that “very high-margin category”; and
* in hindsight, the company should have opened 50 of its Fine Lines luxury appliance shops instead of 11, given their double-digit growth.
The full interview is available here.