As of Apr 29, 2017, Best Buy operated 1,562 stores worldwide including 1,350 stores in the US comprised of 1,024 Best Buy stores, 298 Best Buy Mobile stand-alone stores, and 28 Pacific Sales stores, and 212 stores Internationally comprised of 187 stores in Canada and 25 stores in Mexico.
During fiscal 2017, the company closed 52 stores domestically and 5 stores internationally. In the first quaretr of fiscal 2018, the company closed 13 net stores, domestically.The company continues to look for opportunities to optimize its store space, renegotiating leases and selectively opening or closing locations to support its ongoing transformation.
At year-end, the company owned 25 stores, owned buildings on leased land at 36 stores and leased the remaining locations in the US. Internationally, Best Buy owned 3 store locations and leased the remainder. Terms of new lease agreements for large-format stores are generally less than 10 years, although existing leases have terms up to 20 years. Small-format stores generally have lease terms that are half the length of large-format stores. Most leases contain renewal options and escalations.
US Best Buy stores average approximately 38,700 square feet, Pacific Sales Kitchen and Bath centers average approximately 26,300 sq ft and Best Buy Mobile stand-alone stores average approximately 1,400 sq ft. Canada Best Buy stores average approximately 28,200 sq ft, Canada Best Buy Mobile stores average approximately 900 sq ft and Mexico Best Buy stores average approximately 33,500 sq ft.
|Total gross square feet (M)||45,267||45,338||45,759||48,186||48,687||48,845|
|Total gross square feet growth||-0.9%||-0.9%||-5.0%||-1.0%||-0.3%||-3.5%|
|Avg store gross sq ft||29,000||28,800||28,100||27,800||27,400||27,500|
|Avg store gross sq ft growth||2.6%||2.6%||0.8%||1.7%||-0.3%||-7.2%|
Notes:Excludes Europe and China businesses, which were both sold, and are now considered discontinued operations