Best Buy To Scale Back Its Big-Box Stores
NEW YORK (AP) -- Best Buy plans to open up to 800 mobile-device stores as it shrinks its "big-box" stores in an effort to be more competitive as consumers increasingly shop online.
The largest U.S. electronics retailer plans to shrink square footage at big-box stores by 10 percent over the next three to five years. Meanwhile, it plans to open 600 to 800 Best Buy Mobile stand-alone stores, executives said at an analyst conference on Thursday.
Big-box stores are increasingly being seen as outmoded as more shoppers research and buy electronics online.
But Best Buy CEO Brian Dunn says physical stores remain a cornerstone of Best Buy's strategy. But the Minneapolis company also plans to double its $2 billion in online revenue in three to five years.
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