2 March 2007 – Minneapolis (MN): Best Buy has announced plans to open approximately 130 stores in the US, Canada and China in the new fiscal year (starting March 4).
The growth represents a 10 percent increase in global retail square footage. About 90 of the stores will be in the US, while in China, the company will open about 23 Five Star stores this year and two or three Best Buys within a year and a half.
The company said its goal is to generate $100 billion in annual sales in China by 2010, and is aiming for more than 5 million sq ft of retail square footage in China by the end of the new fiscal year. About 14 new stores in Canada will be equally divided between the two brands.
The company opened its first store outside North America, an outlet in Shanghai, in December. The 130 new stores are expected to add 12,000 retail jobs, increasing Best Buy’s total number of employees to over 140,000 by the end of fiscal 2008.