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Best Buy Reveals New Store Leases

13 Jan, 2003 By: Hive News

In the wake of announcing it had shuttered 110 Musicland stores in the last several months, specialty retailer Best Buy today announced lease signings for 40 Best Buy stores in 25 states and plans to add a total of 60 stores this fiscal year nationwide.

"These new locations support Best Buy's goals of providing a fun and easy shopping experience to our customers while continuing to increase market share," Mike Keskey, president of Best Buy stores. "The majority of the United States stores will be opened in existing markets, enabling us to leverage investments we have already made in distribution and advertising."

The chain also plans to open stores in six new markets, including Bakersfield, Calif.; Columbus, Ga.; Harrisburg, Pa.; Jackson, Tenn.; Montgomery, Ala.; and Panama City, Fla.

The company will also focus on growing its presence in the New York City metro area with six new locations, including a second Manhattan store on the Upper East Side. In each of the Washington, D.C. and Los Angeles markets Best Buy will add three stores, and the Raleigh, N.C.; San Francisco and Fresno, Calif., markets will each add two stores.

If the chain makes its goal of opening 60 or more new stores a year in 2003, it will help maintain momentum to reach the 650-store mark by 2006, the spokesperson said. The addition of 180 Best Buy stores in the last three years is more stores than the company opened in its first 27 years of existence.

"The innovation and creativity Best Buy has used to develop a store format that can serve market areas of various sizes allow the Company to continue conquering new ground in expansion," said Pat Matre, VP of Real Estate for Best Buy. "Our success, coupled with the heightened adoption of digital products, continues to make Best Buy a popular destination for the latest in consumer electronics."

Best Buy expects to hire approximately 7,000 new associates in 2003.

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