The company plans to build about 60 Best Buy stores in the US, a third of which will be built in the 45,000-sf format, another third in the 30,000-sf format and the remainder in the smaller-market format. Most of the new stores are to be opened in markets where the company already has stores, in order to leverage the company's infrastructure and to make shopping more convenient for its customers. "We have made significant gains in market share in the current year," says Allen Lenzmeier, president and COO.

The growth plans extend to its other store brands as well. It anticipates opening 10 Best Buy stores in Canada, predominantly in the 30,000-sf format. New markets will include Calgary, Alberta; Regina, Saskatchewan; and Langley, British Columbia. Best Buy also expects to open additional stores in the Toronto area. Future Shop anticipates opening three new Canadian stores, each about 25,000 sf, as well as relocating its four existing stores.

The company recently opened its 600th US store, and plans to add eight more by the end of next month. By the end of its 2004 fiscal year, Best Buy expects to operate a total of 630 Best Buy and Magnolia stores in the US and a total of 127 Future Shop and Best Buy stores in Canada.