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Best Buy To Open Six New Stores

15 Aug, 2002 By: Hive News

Consumer electronics retailer Best Buy Co. today announced its purchase of six former Service Merchandise sites in Alabama, Florida, Indiana, Massachusetts, New York and North Carolina.

The selected locations were either acquired by purchase of the land and building outright or by purchase of the leasehold interest of Service Merchandise, Effective June 17.

"These locations offer us immediate presence in key markets which historically are difficult to expand in," said Pat Matre, VP of Real Estate for Best Buy. "It helps achieve our goal of becoming the leader in the technology and entertainment industry and bringing products and services to more customers throughout the U.S."

The six Service Merchandise sites became available when the chain shut down and went into liquidation. Being the last stores to close, the locations represent the top performers of the chain.

The new store locations add more than 255,000 square feet of retail space to the Best Buy's existing footprint. All stores are 45,000 square feet with the exception of the Massachusetts store, which is 30,000 square feet. The stores will open this year or early next year and are in Birmingham, Ala.; Boynton Beach, Fla.; Patchogue, N.Y.; Pineville, N.C.; Saugus, Mass.; and South Bend, Ind.

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