Best Buy Signs Leases for 38 New Stores August 5, 2004 -- Minneapolis -- Best Buy has announced signed lease agreements for 38 new store locations in 22 states by fiscal year end. The terms of the leases were not disclosed. Best Buy plans to open six new stores in Texas and three new stores in Michigan. The company also expects to expand its presence in Iowa, Idaho and Mississippi. In addition, store opening plans include another New York City store located in the "NOHO" area of Manhattan. The leases are expected to bring Best Buy stores to the following new markets: Valdosta, Ga.; Idaho Falls, Idaho; Salisbury, Md.; Hattiesburg, Miss.; Pinehurst, N.C.; Rocky Mount, N.C.; Abilene, Texas; Logan, Utah, and Morgantown, W.Va. Best Buy signed leases for stores in the following cities: Auburn, Ala.; Prescott, Ariz.; Surprise, Ariz.; Orange, Calif.; Tustin, Calif.; Meriden, Conn.; Danbury, Conn.; Valdosta, Ga.; Coeur D'Alene, Idaho; Idaho Falls, Idaho; Decatur, Ill.; Council Bluffs, Iowa; Mason City, Iowa; Salisbury, Md.; Farmington Hills, Mich.; Midland, Mich.; Rochester Hills, Mich.; Hattiesburg, Miss.; Pinehurst, N.C.; Rocky Mount, N.C.; New York (Manhattan), N.Y.; Macedonia, Ohio; Springfield, Ohio; Quail Springs, Okla.; Tulsa (Midtown), Okla.; Clarksville, Tenn.; Abilene, Texas; North Arlington, Texas; Pearland, Texas; Round Rock, Texas; South Fort Worth, Texas; Texarkana, Texas; Logan, Utah; Orem, Utah; Colonial Heights, Va.; Portsmouth, Va.; Morgantown, W.Va., and Delafield, Wis. Approximately one-third of the new stores fall in each of the company's prototypical sizes: 20,000, 30,000 and 45,000 square-feet (including back-office space). "Best Buy's store formats are determined by the size of the community they serve," said Pat Matre, vice president of real estate for Best Buy. "Best Buy carefully selects sites with the right combination of consumer traffic, easy access for customers and proximity of compatible businesses." As one of North America's largest electronics retailers, Best Buy said it's on schedule to hire approximately 7,000 new associates in 2004. Best Buy currently employs more than 90,000 people in the United States. The company's growth plans extend to its other store brands as well. The lease signings listed above are in addition to the anticipated opening of 10 Best Buy stores in Canada and three Future Shop stores.
