Retail giant expansion to include NSW town of Orange, according to local media reports.
The company would not confirm specific details on new locations when contacted by Channel News, claiming plans have not yet been finalised, dismissing the report as “speculation.”
Last year, under the stewardship of new boss Terry Smart, the retail giant opened up 23 new stores and has plans to replicate these numbers in 2011 both in Australian and New Zealand markets.
This massive expansion comes in spite of the recent consumer backlash on brick and mortar retailers, opting to purchase many goods including electronics in startling numbers and at often reduced rates online.
Retailers including JB Hi-Fi and Harvey Norman are vulnerable to major future financial losses due the growth of online rivals continues, analysts at Morgan Stanley warned in December.
Last year the company reported a 26% increase in full-year profit across its group, and said it expected to grow sales by 17% in 2010.
Not everyone in Orange is happy about the possible move-in by the discount seller and electronic stores there have expressed grave worries about the impact the arrival would have on their trade.
“They’ll just decimate our sales, it’s as simple as that,” Leading Edge Computers owner Jim Whittaker told the Central Western Daily today.
“JB has some things that are cheap, but when you go to buy everything, it doesn’t always end up cheap.”
The town of Orange is located in north NSW has a population of around 38,000 with nearby catchment areas including Bathurst and Dubbo.