Appliance retailer Best Buy Co., Inc. announced that it intends to open 73 new stores in the U.S. and Canada during its 2006 fiscal year, which begins on Feb. 27, 2005.
The new stores, 60 of which are planned for the U.S. and 13 for Canada, are expected to bring more than 8,700 new retail management, sales, and services jobs with them.
The company said the new stores are scheduled to be complete by the third quarter of 2005 and about half of them are expected to be in the 30,000-sq-ft format. The remainder is expected to be split between the 20,000-sq-ft format and the 45,000-sq-ft format.
The company said it also expects to relocate approximately nine U.S. stores during the coming fiscal year.
"We remain committed to growing to 1,000 superstores in North America while transforming the chain to a customer-centric business model," said Brian Dunn, Best Buy's president of retail for North America.
By the end of the company's 2005 fiscal year, the company expects to operate a total of 688 Best Buy and Magnolia stores in the U.S. and a total of 144 Future Shop and Best Buy stores in Canada. By year-end, the company also expects to have more than 105,000 employees.
The company estimates that its total U.S. retail square footage (excluding distribution centers) will increase to approximately 30.1 million sq ft at the end of fiscal 2006 from approximately 28.5 million sq ft at the end of fiscal 2005. The company estimates that its international retail square footage will increase to approximately 3.5 million sq ft during that same period, up from approximately 3 million sq ft.
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