As of May 5, 2018, Best Buy operated 1,355 stores worldwide including 1,140 stores in the US comprised of 1,007 Best Buy stores, 105 Best Buy Mobile stand-alone stores, and 28 Pacific Sales stores, and 215 stores Internationally comprised of 183 stores in Canada and 32 stores in Mexico.
During fiscal 2018, the company closed 70 stores domestically and opened 4 net stores internationally. The company closed 153 net stores domestically and 1 net store internationally. On Mar 1, 2018, the company announced its intent to close all 257 remaining Best Buy Mobile stores. In fiscal 2019 and beyond, the company plans 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 less than 3 years. Most leases contain renewal options and escalations.
US Best Buy stores average approximately 38,800 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 30,400 sq ft.
|Total gross square feet (M)||44,553||44,798||45,338||45,759||48,186||48,687|
|Total gross square feet growth||-1.6%||-1.2%||-0.9%||-5.0%||-1.0%||-0.3%|
|Avg store gross sq ft||32,900||29,700||28,800||28,100||27,800||27,400|
|Avg store gross sq ft growth||13.5%||3.1%||2.6%||0.8%||1.7%||-0.3%|
Notes:Excludes Europe and China businesses, which were both sold, and are now considered discontinued operations