Best Buy Outlines Plans to Open 130 Stores in U.S., Canada, China

Best Buy plans to open about 130 stores in the United States, Canada and China during its fiscal year beginning March 4, the company said today.

The top U.S. consumer electronics retail chain said it expects global retail square footage of about 46 million square feet, representing growth of around 10%, by the end of the year.

In the United States, the company expects to open about 90 stores and to operate more than 900 by the end of the year.

In China, Best Buy expects to open up to 23 Five Star stores during the fiscal year, and also plans to open two or three Best Buy locations in the next 12 to 18 months. It expects to generate about $100 billion in annual sales in China by 2010.

Best Buy opened its first store outside North America, in Shanghai, in December. The company estimates its China retail square footage will exceed 5 million square feet by the end of its new fiscal year.

The company plans to open up to 14 stores in Canada, equally split between its Best Buy and Future Shop brands, in the year.