News

Recently, Sound Advice, Inc., a specialty retailer of high-end consumer electronics, announced plans to open five to six stores in Florida over the next 18 months. The company expects that two to three of the stores will be in operation by the end of this calendar year, with the balance to be opened in 1999. Sound Advice is also exploring other ideas, such as smaller-format specialty stores in upscale malls and other high-end retail locations that feature high-quality brand names.

The company said that the new store locations were selected following extensive market research to identify new and existing markets in Florida, where it can profitably operate stores and leverage its overhead. The Company said its research has indicated that these rapidly growing markets have reached the point where they can support a large-format Sound Advice store.

"We are very excited about our store expansion plans in Florida, which positions us to generate profitable growth and enhance shareholder value," said Peter Beshouri, Chairman and CEO of Sound Advice. "The addition of five to six large-format stores presents a tremendous opportunity to leverage our operations. We expect to gain substantial efficiencies in distribution, management, and administration functions. The store expansion in our existing markets in Northwest Broward County, North Palm Beach, and Bradenton are of particular strategic importance, as they will also provide economies of scale in advertising and marketing. In addition, the Tallahassee, Melbourne, and Daytona markets we have also identified are among the premier retailing markets in the state. We are actively seeking store sites in each market."

Mr. Beshouri added, "We opened our first store [in Florida] in 1974, and have since expanded to 22 locations. Our newest store was opened in November 1997, in Naples, which is our second in the Naples-Fort Myers area."

Sound Advice also noted that in February it opened its first smaller-format specialty store in the upscale Aventura Mall in Miami, Florida. The store operates under the Bang & Olufsen name and features B&O's line of audio and home-theater systems.