Growth and Development
During the fourth quarter of fiscal 2012, the Company opened two new stores in Daphne, Alabama and Pensacola, Florida, as well as relocated one store in Spartanburg, South Carolina. As of January 27, 2013, the Company operated 129 stores in 25 states.
Through March 6, 2013, the Company announced the signing of leases for nine additional new stores in: Sacramento (Fair Oaks), California; Sacramento (Elk Grove), California; Lynchburg, Virginia; Ashburn, Virginia; South Naples, Florida; Brandon, Florida; Saratoga Springs, New York; Woodbury, New York; and Kansas City, Kansas. These nine stores are currently scheduled to open during or after fiscal 2013.
The following table provides additional information about the Company's real estate and store opening activities through the fourth quarter of fiscal 2012 and leases signed as of March 6, 2013 for stores expected to open during or after fiscal 2013.
|Stores Opened in Fiscal 2012||Leases Signed for Future Store Locations 1|
|Number of new leased store locations||14||28|
|Number of ground leased and owned property store locations||2||2|
|Number of relocations||1||--|
|Average capital cost per store 2||$3.7 million|
|Information for All Open Stores|
|Average store size (gross square feet)||21,042|
|Total rentable square footage (at end of period)||2.7 million|
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