Best Buy Scripting New Retail Strategy: Will Close 50 Stores, Open 100

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[By Sudarshana Banerjee]

Electronics retail giant Best Buy is shutting down 50 big box stores next year, as part of a strategy overhaul. However, Best Buy expects to open another 100 Best Buy Mobile small format stores in fiscal 2013 and continues to expect to have a total of 600 to 800 such stores in the next three to four years. Currently the company has 305 such outlets.

Best Buy also intends to remodel key stores with a new ‘Connected Store’ format next year. Connected Stores are remodeled big box stores that focus on connections, services and multi-channel experience. Best Buy’s retail store strategy is to increase points of presence, while decreasing overall square footage, for increased flexibility in a multi-channel environment, says the company.

Best Buy plans to open 50 new Five Star stores in In China in fiscal 2013; including 14 new mobile store-within-a-store concepts.

[Image Courtesy: Best Buy]