Best Buy to open 130 new-stores worldwide

Retailing company Best Buy Co. has announced their plans to open up as many as 130 new stores in the U.S., Canada and China.

The company aims to expand their square footage by 10% through these new stores. With this expansion, the company would have a total of 46 million square feet of retail space by the end of fiscal year 2008.

Best Buy said that they would open up about 90 stores in the U.S. With this, they would have around 900 stores in the region.

Canada is expected to get around 14 new stores. The company further has plans to open 23 Five Star electronics stores during the 2008 fiscal year in China. Another two to three Best Buy stores are also likely to be opened in this region.

Best Buy Chief Executive Brad Anderson said in a statement on their plans: “Our focus is on reaching new customers in new markets or new ways. We are very encouraged by the number of growth opportunities in front of us.”

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