Sound Advice, Inc. to Open Several New Stores in Florida
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.