Best Buy Ramps Up Growth

MINNEAPOLIS-Best Buy is growing both domestically and abroad this year, with executives planning to add 130 stores to the chain’s portfolio. About 90 units will open in the US, while Canada is getting 12 to 14, and 20 to 23 are forecast to open in China.

The new domestic stores will bring the electronics retailer to more than 900 units across the US. About 60 of the stores are planned at 30,000 sf, 20 at 45,000 sf and 10 at 20,000 sf. A majority of the stores will open during the first three quarters of the fiscal year, which begins March 4.

The new stores in Canada will be split evenly between the Best Buy and Future Shop chains, representing an 8% increase in square-footage growth, bringing it to four-million sf north of the border. Best Buy is also relocating two of its stores in Canada.