Golfsmith announced plans to open 10 new stores and relocate four existing locations in fiscal 2012. The openings and relocations combined will result in a 17.5 percent increase in square footage.
Golfsmith Planned New Store Locations In 2012:
Washington DC metro area 3 stores
San Antonio, TX
Golfsmith's plans for the four relocations are within existing markets. These stores will move into spaces that provide an updated and expanded golf retail experience that mirrors the Company's new stores. All scheduled store openings and relocations will be complete by the end of the year.
Golfsmith President and CEO Marty Hanaka commented, “We are excited to execute on our strategic growth plans with this aggressive store opening blueprint. We are well-positioned to capitalize on our excellent brand recognition and further expand our market share by opening stores in what we view as underserved markets that have strong demand. These locations are a hotbed for golfers and the key reason for entry into the markets. Everything we do is focused on helping golfers of all skill levels play better that's our mission. The new stores will be funded by cash flow from operations.”
“Our growth is directly traced to great product selection, guaranteed low prices on everything we sell and a commitment to exceptional customer service by the best retail professionals in the business. We are far more than a brick and mortar operation,” Hanaka added. “We offer a true multichannel concept and Golfsmith.com continues to outperform our expectations as we successfully bring some of our retail concept to the web.”
“Golf and growth haven't gone hand in hand as of late. We've seen a major shift in the golf retail landscape with almost half of all golf stores in America closing in the last decade,” said Terry McAndrew, editor of Web Street Golf Daily Pulse. “But Golfsmith, despite being in the minority of businesses willing to take risks and commit financial resources, has proven growth is still achievable regardless of the economic adversity.”
Golfsmith operates over 70 stores.