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Technology Stocks : Hastings Entertainment (HAST) -- Ignore unavailable to you. Want to Upgrade?

To: noel bustamante who wrote (42)	4/19/1999 10:42:00 AM
From: sdheart	Read Replies (2) \| Respond to of 63

Thanks Noel for posting that link...EOM

To: noel bustamante who wrote (42)	4/24/1999 3:32:00 PM
From: LTK007	Read Replies (1) \| Respond to of 63

Hastings hits growth spurt, plans 50 units by end of '99. ROBERT SCALLY 11/23/98 Discount Store News COPYRIGHT 1998 Lebhar-Friedman Inc. AMARILLO, TEXAS - Hastings Entertainment is a superstore chain that serves small markets, but it is beginning to think big. Now with 129 locations in 18 states, Hastings is growing fast, spreading its version of an entertainment store filled with a wide selection of books, music CDs, videos and video games, periodicals and sell-through software. This month, it completed the first phase of a three-year growth spurt that started in June when the company went public. The stepped-up expansion is being fueled by the completion last year of a $13 million proprietary system for tracking purchasing, distribution and inventory control. The most recent store opening came fast on the heels of an accelerated growth cycle that included five store openings in the five weeks ended Nov. 2. Hastings has identified 500 potential sites in small- to medium-sized cities for potential expansion. "The whole reason we went public is so we could grow," Dennis McGill, vp of finance and cfo, told DSN. Hastings plans to open 20 stores in 1999 and another 28 in 1998. So far this year, Hastings has unveiled 12 new locations, mostly in the South and Midwest. Hastings ' newest store opened in Franklin, Tenn., a Nashville suburb, on Nov. 10. The 30-year-old company has grown steadily by building on a strategy of providing entertainment software superstores in small- and medium-sized markets. Starting from a base of stores in Texas, Hastings has taken its concept to underserved markets, particularly college towns and cities with nearby military bases. "Our competitors aren't Barnes & Noble," McGill said. "Our competition is Wal-Mart and, in about 80% of our markets, Blockbuster." The company's stores often become profitable soon after opening because of the range of products they offer and the company's aggressive pricing. A typical Hastings store runs from 20,000 sq. ft. to 25,000 sq. ft. Skus include 40,000 book titles, 20,000 music CDs, 6,000 sell-through videos and video games, 2,000 periodicals and 1,500 sell-through software titles. In addition, Hastings rents entertainment software and stocks 15,000 movies and games for rental. The stores, which have an open, "no walls" merchandising format, can adapt easily to new merchandise and the demands of its customers in local areas. Hastings last month added sales and rental of DVD software and players to most of its locations. The children's section features regular story times and free video rentals. Also on sale are 1,500 other items such as entertainment related clothing, greeting cards and stationery. Currently, Hastings ' hottest category isn't music or video games, but home video sales and rental. McGill said that Hastings doesn't view itself as being in the video business, book business or music business. "We're in the entertainment business." Next Previous