Best Buy to open 130 stores in United States, Canada, China

Best Buy Co. Inc., Minneapolis, Minn., plans to open approximately 130 new stores in the United States, Canada, and China during its 2008 fiscal year, which begins on March 4. The company said it expects its total global retail square footage to grow 10 percent to approximately 46 million square feet by the end of fiscal 2008, as compared with the expected square footage at the end of fiscal 2007.

"Our focus is on reaching new customers in new markets or new ways," said Brad Anderson, Best Buy's vice chairman and chief executive officer. "Our core U.S. Best Buy business is growing as our employees continue to find ways to contribute their unique ideas and experiences in service of our customers."

Anderson continued: "We know that the better we listen to our customers, the better we are able to provide the experiences that reflect their particular lifestyles and priorities -- regardless of whether they interact with us in a store, in their home or business, online or on the phone."

Best Buy anticipates opening 12 to 14 stores in Canada -- expected to be equally split between its Best Buy and Future Shop brands. Canadian retail square footage is projected to grow 8 percent to approximately 4.0 million square feet. The company also plans to relocate two Future Shop stores in the fiscal year, including a move to the Yonge and Dundas Street location in Toronto, Ontario.

In China, the company plans to add 20 to 23 new Five Star stores during fiscal 2008. Additionally, the company expects to open two to three additional Best Buy locations in China in the next 12 to 18 months. The company estimates its China retail square footage will exceed 5.0 million square feet by the end of fiscal 2008, up from approximately 4.6 million square feet.

Additionally, Best Buy said starting in March, its Geek Squad will work with Carphone Warehouse (CPW) to provide home computing support services in the United Kingdom. CPW, Europe's leading mobile communications retailer, also is working with Best Buy to improve the U.S. mobile phone shopping experience through the Best Buy Mobile concept. Best Buy currently operates five stand-alone Best Buy Mobile stores and four Best Buy Mobile store-within-a-store experiences in the New York City area.

Best Buy expects to open approximately 90 new U.S. Best Buy stores. Best Buy estimates that approximately 60 of these stores will be in the 30,000-square-foot format, 20 in the 45,000-square-foot format, and 10 in the 20,000-square-foot format. The majority of new stores are projected to be opened in markets where Best Buy has an established presence. The company also expects to relocate eight U.S. Best Buy stores. The majority of the new U.S. stores are scheduled to open periodically throughout the company's first three fiscal quarters so that the new stores are open in time for the holiday shopping season.

Best Buy's fiscal 2008 store expansion plans are expected to bring more than 12,000 new retail management, sales and services jobs to communities in its markets. By the end of fiscal 2008, the company expects to employ more than 140,000 people.