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Best Buy Expansion Plan On Track

27 May, 2003 By: Hive News

Best Buy today announced today lease signings for 24 stores in 17 states, all of which will open by March 2004 on the way to a target of 60 new stores by that date.

"The new stores not only increase our market share, but also let us introduce even more people to Best Buy's fun and easy shopping experience," said chain president Mike Keskey. "Carrying a wide range of products and having the help of knowledgeable people in our stores allows customers to make informed purchasing decisions, while making Best Buy the place to shop for the latest in technology products and services."

The company is opening stores in three new markets, including Twin Falls, Idaho; Rapid City, S.D.; and Charlottesville, Va. While most of the new stores are opening in existing markets, just one is a relocation.

Best Buy is taking advantage of available real estate by opening stores at former WIZ locations in Norwalk, Conn., and Paramus, N.J. Also announced is a new lease for a store relocating in McAllen, Texas, which is not included in the 24 additional Best Buy stores lease count.
Leases are signed in the following markets:

  • Gilroy, Calif.
  • Brockton, Mass.
  • Norman, Okla.
  • Santana Row, Calif.(a)
  • West Lebanon, N.H.
  • Munhall (Waterfront), Penn.
  • Ocala, Fla.
  • Paramus, N.J.(a)
  • Rapid City, S.D.
  • Twin Falls, Idaho
  • Farmington, N.M.
  • McAllen, Texas (store relocation)(a)
  • Bloomington, Ind.
  • Sandusky, Ohio
  • Charlottesville, Va.(a)
  • Dubuque, Iowa
  • Wooster, Ohio
  • Chandler, Ariz.(a)
  • Jensen Beach, Fla.
  • Copperfield, Texas(a)
  • North Scottsdale, Ariz.(a)
  • Port Richey, Fla.
  • Lufkin, Texas
  • Norwalk, Conn.(a)
  • Conroe, Texas
    (a) Indicates 45,000 square-foot stores. All other locations are smaller format stores.

"Best Buy uses its more than 40 years of industry experience to create fresh, new store formats that accommodate markets of various sizes and demographics," said Pat Matre, vice president of Real Estate for Best Buy. "Our on-site teams of technology experts, along with interactive displays that allow customers to try out products before purchase, enable people to buy new technology that complements their lifestyles."

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