Ultimate Electronics bets big on recovery.

• Author: Peterson, Eric
• Position: [RETAIL] - Brief article

In the face of an unsettled economy, Ultimate Electronics is doubling down.

The Thornton-based retailer recently expanded into such categories as computers, DVDs and Blu-Rays, and iPods while investing $18 million into Denver-area stores and opening new locations in Flatlron Crossing in Broomfield and University Park in Denver.

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Existing Denver-area stores were shut down for a month before the holiday season in order to undergo complete facelifts.

All things considered, it sounds like a pretty big bet the economy will bounce back just fine. "Hopefully, it's more calculated than that," says Mark Wattles, owner and CEO of the 10-state, 32-store chain since 2005. "But any time you're making an investment in a business, it's something of a gamble."

The founder and former CEO of Hollywood Video, Wattles has an ambitious long-term plan to take Ultimate Electronics national and go head-to-head with Best Buy and Wal-Mart in the wake of Circuit City's precipitous downfall last year. He was a large shareholder in the failed...