Having outgrown its Eden Prairie, Minn., headquarters, Best Buy said it plans to move its corporate offices to new facilities it is building in nearby Richfield.
The electronics chain is investing over $150 million in the new office space, which is expected to be complete by summer, 2002.
Best Buy's current location, which it has occupied since 1994, is home to about 3,000 employees in eight buildings. With 1.5 million square feet of planned office space, the new corporate campus can accommodate the additional 2,000 employees that the company expects to hire during the next five years to support its rapid expansion.
"Combining our multiple corporate facilities into a new cohesive campus environment creates a community for our employees, which will benefit Best Buy as we continue to grow," said executive VP Allen Lenzmeier.
The merchant had reviewed a number of sites over the past year, but chose the Minneapolis suburb of Richfield due to its central location, mass transit options and local support, it said. Groundbreaking will take place in spring, 2001.