Movie Gallery Opens 2,000th Store24 Sep, 2003 By: Holly J. Wagner
Movie Gallery Inc. celebrated a milestone this week with the opening of its 2,000th store.
“This new store, opened in Cullman, Ala., reflects Movie Gallery's ongoing commitment to serving North America's rural communities and small towns,” said chairman and CEO Joe T. Malugen. “Our successful pursuit of this strategy has produced five years of significant profitable growth, while providing our customers in these often-underserved markets with increased selection, improved availability and better pricing. This outstanding accomplishment is a tribute to the hard work and dedication of our 16,000 associates, vendors and studio partners.
“We are optimistic about Movie Gallery's ability to generate further substantial growth through a continued focus on the thousands of small-market opportunities we have identified. For 2003, we expect to open 200 to 225 internally developed stores, and we continue to evaluate attractive candidates for accretive acquisitions in a highly fragmented market," Malugen added.
"We are well-positioned to pursue growth beyond 2003 because of our proven business model, increasing economies of scale, debt-free balance sheet, strong cash position and significant cash flow. We also continue to strengthen a deep, highly qualified management team, with unsurpassed experience in the development, acquisition and operation of retail video stores in small markets. As a result, we look forward to the further expansion of Movie Gallery's operations and stockholder value, even as we celebrate the opening of our 2,000th store,” he said.