Specialty retailer, JB Hi-Fi (JBH) said on Thursday it will open a second store in the Sydney CBD as well as computer store in Melbourne's CBD in a bid to increase its market share.
The Sydney store will be located in the Pitt Street Mall in the basement of the Strand Arcade formerly occupied by Downtown Duty Free.
The store is expected to open on 28th February.
"We are excited to have secured a store in such a prominent location, our existing store in the CBD has been overtrading for quite some time and with Brazin closing the HMV Pitt St Mall store we saw an opportunity to increase our market share, as well as introduce to the city a substantial technology offering," chief executive officer Richard Uechtritz said.
"We have two stores in Melbourne's CBD, both trade strongly, which bodes well for Sydney," he said.
The story will carry a large range of games, DVD's, CD's, computers, IT, cameras, navigation and have a dedicated Apple and Telstra area.
The company's Melbourne store is planned to open in early February.
"This is not a change in direction or the start of a new store concept. It is simply that our existing Elizabeth Street store has insufficient space to merchandise a full range of computers and accessories which has quickly become a core category for the business," said Uechtritz.
The company will release 2008 half year results on 12 February 2008.
For financial year 06/07 the company reported a 57% increase in net profit after tax of 40.4 million.
Shares in JB Hi-Fi closed 6 cents or 0.45% higher at $13.36.
