The facility will allow Fred's to better serve its markets in Alabama, Georgia, Florida, North Carolina and South Carolina as well as its expected growth into new markets in the future, company CEO Michael J. Hayes says in a prepared statement. Fred's 2001 sales were $900 million. Hayes says sales have been growing at a compound annual rate of 17% over the past five years.
The center will initially create between 150 and 250 new jobs which should increase to 300 as the facility reaches full capacity in March 2003, Hayes says. Fred's also has the option to expand the center later to one million sf. The project is being financed solely by Fred's.
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