Appliance and consumer electronics retailer Best Buy Co., Inc. announced that that it plans to open up to 73 new stores in the U.S. and Canada during its 2005 fiscal year.
Included in that total, the retailer expects to open approximately 60 domestic Best Buy stores. Approximately one-third of the stores will be the 45,000-sq-ft format, another third in the 30,000-sq-ft format, and the remainder in the smaller-market format. Most of the new stores are will be opened in markets where the company already has stores. Plans include the company's first store in Hawaii, as well as a new flagship superstore in West Hollywood, CA, U.S.
"We have made significant gains in market share in the current year. Our plans for next year allow us to maintain that momentum and provide even more consumers with the opportunity to enjoy the thousands of possibilities offered by Best Buy stores," said Allen Lenzmeier, president and COO.
The retailer also said its growth plans extend to its other store brands as well. It anticipates opening 10 Best Buy stores in Canada, predominantly in the 30,000-sq-ft format. New markets include Calgary, Alberta; Regina, Saskatchewan, and Langley, British Columbia. The company also said it expects to open additional Best Buy stores in the Greater Toronto area. Future Shop anticipates opening three new Canadian stores, each approximately 25,000 sq ft, as well as relocating four existing stores.
"Earlier this year we reached a milestone by opening our 600th store in the United States, and we are on track to open eight additional Best Buy stores by the end of February," Mr. Lenzmeier said. "We are committed to opening great new stores and upgrading our existing stores when appropriate."
By the end of its 2004 fiscal year, the retailer expects to operate a total of 630 Best Buy and Magnolia stores in the U.S. and a total of 127 Future Shop and Best Buy stores in Canada.
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