Real Estate
As of Dec 31, 2016, hhgregg operated 220 stores in 19 states.
In fiscal 2016, the company opened 1 new store and closed 3 stores. During the first nine months of fiscal 2017, the company closed 6 stores. The company expects to relocate 1 store and remodel up to 100 existing stores in FY 2017.
All stores are leased, and new stores are generally leased through build-to-suit arrangements. Lease agreements generally range from 10 to 15 years, and most contain renewal options and escalation clauses.
At year-end, stores averaged approximately 31,000 square feet and were located in power centers or freestanding locations in high traffic areas, usually near major competitors. New store prototypes typically range from 25,000 to 30,000 square feet.
| TTM | 2016 | 2015 | 2014 | 2013 | 2012 | |
|---|---|---|---|---|---|---|
| Stores | 220 | 226 | 228 | 228 | 228 | 208 |
| Store growth | -3.1% | -0.9% | 0.0% | 0.0% | 9.6% | 20.2% |
| Total gross square feet (M) | 6,911 | 7,099 | 7,301 | 7,309 | 7,309 | 6,772 |
| Total gross square feet growth | -5.4% | -2.8% | -0.1% | 0.0% | 7.9% | 18.0% |
| Avg store gross sq ft | 31,400 | 31,400 | 32,000 | 32,100 | 32,100 | 32,600 |
| Avg store gross sq ft growth | -2.3% | -1.9% | -0.1% | 0.0% | -1.5% | -1.8% |