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Best Buy Back In Expansion Mode

The retailer is opening its first new store in seven years.

After closing 18 big-box stores last year and shutting down its remaining 257-store fleet of standalone mobile phone shops, Best Buy is back in build-out mode. The retailer is reportedly planning to open its first new flagship store in seven years, in the Salt Lake City bedroom community of Farmington, Utah, where it will join eight existing showrooms. Once considered an albatross, Best Buy’s real estate has found new value under chairman/CEO Huber July, who has enlisted vendors to help subsidize floor space and is using the stores as micro-distribution hubs.

“Best Buy is set to open its first store in seven years, in Farmington, UT, part of the growing Salt Lake City metro area, the company told Retail Dive in an email.”  

See the full story at Retail Dive.