Conns Inc. CONN, a Texas-based durable consumer goods retailer, recently announced that it has opened three new HomePlus stores, one each in Charlotte, Gastonia and Memphis. The move complements the company’s plan to open 15–18 stores nationwide in fiscal 2015.
The Charlotte store spanning 46,000 square-feet is located at 8709 JW Clay Blvd and the Gastonia one covering 43,000 square-feet is situated at 197 New Hope Drive. While the Charlotte store is expected to create 30 job opportunities, the Gastonia store has already created 28 jobs and is likely to create more in the days to come. The company also has plans to open four more stores in North Carolina this year.
Spanning more than 50,000 square feet, the new Memphis store, located at 3260 Austin Peay Highway, marks Conns’ second store in the city. The store has created 28 employment opportunities. Further, the company expects to open a new store in Tennessee in Sep 2015, thereby creating more jobs.
To celebrate the opening of these new stores the company arranged storewide promotions, gave away gift cards, and offered customers a chance to enter to win a shopping spree worth $10,000.
Conns’ HomePlus stores offer superior-quality products at reasonable prices. These stores specialize in furniture and mattresses, home appliances, consumer electronics and home office products. The rapid expansion of HomePlus stores across the country highlights strong demand and positive response from customers.
The robust demand is also somewhat accountable to Conns’ attractive in-house credit program, YES MONEY. This program offers customers the option to buy superior products for low monthly installments. This strategy of providing customers an opportunity to purchase the otherwise unaffordable items gives Conns an edge over its competitors, thereby increasing the company’s popularity and enhancing customer relations.
We believe that Conns’ continuous efforts to increase store count along with the flexible in-house credit options will boost its top line. The company currently operates over 90 stores across 12 states.
Zacks Rank
Conns currently carries a Zacks Rank #2 (Buy). Other stocks in the retail sector that warrant a look include GOME Electrical Appliances Holding Limited GMELY, with a Zacks Rank #1 (Strong Buy), Aaron's, Inc. AAN and Target Corp. TGT, each carrying a Zacks Rank #2.
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