GrowLife to open 30 Hydroponics retail stores
Grow Life, a US-based indoor gardening products retailer, has chalked out a strategic expansion plan of Hydroponics retail network with 30 store openings.
The specialty retailer intends to initially open 12 stores in a bid to achieve annual retail sales of $15m in 2014, nearly two-fold growth over the current annualized sales run rate of $8m.
The Grow Life retail businesses currently operate through six sales channels.
Grow life Hydroponics president Robert Hunt said that the company is keen to increase its annual sales by about 200% in the next one year to one-and-half year, driven by new stores and acquisitions.
"As we progress toward the goal of 30 stores, our buying and selling leverage increases substantially and Grow Life expects that it will be in an ideal position to return strong value and profitability to our shareholders," added Hunt.
"Grow Life is intent on aggressively identifying market opportunities for its growing brand in this rapidly expanding market."
The retailer is strengthening its core retail platform in preparation for the expansion through the building of a robust ERP solution managed by IT department.
Grow Life is also evaluating several funding proposals that would support the expansion while remaining very shareholder friendly and minimizing dilution of existing common stock holders as the company expands.