X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CANTON, MA-Tweeter Home Entertainment Group is scaling back on its expansion plans. The locally based electronics retailer says its plan to open 40 new stores in existing and contiguous markets for each of the next four years has been modified to 15 to 20 new stores over the next year with additional six to eight relocations.

“The reason is straightforward. We need to spend more time integrating our acquired businesses so that all of our internal operating systems are unified; our store merchandising plans are more closely aligned and our marketing efforts are consistent across the country,” Jeffrey Stone, president and CEO of the company says in a released statement. “We feel that conditions are not right to enter into another period of high growth and we will not risk profitability and stability for growth.”

Three years ago, Tweeter had 62 stores in 12 states and currently it has 162 stores in 21 states. The company has 15 leases signed for the next fiscal year. Calls to the company were not returned by press time and it is unclear where the new sites are located.

Stone says that if the company is on track with its goals by next year, then it anticipates announcing 40 new stores for 2004, 50 new stores the next year and 60 new stores the year after that. “We have the real estate and construction personnel in place today to execute this strategy,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.