Best Buy's next chief executive Jason Bonfig plans to open compact stores in towns and neighborhoods that its full-size locations never served. Bonfig, who becomes CEO on November 1, told CNBC that smaller-format stores of about 12,000 to 15,000 square feet can enter markets too small to support a traditional 40,000-square-foot store. The company recently opened two examples in Jonesboro, Arkansas, and Cape Cod, Massachusetts, and Bonfig described the smaller stores as an enhancement that extends Best Buy's reach rather than replacing existing locations. The strategy arrives after a first-quarter fiscal 2027 report that beat expectations with enterprise revenue of about $8.94 billion and adjusted earnings of $1.28 a share, while comparable sales rose 2%. Best Buy stock closed at $86.26 on July 31, up more than 10% over the prior month, and the company maintained its full-year outlook for comparable sales between down 1% and up 1% and adjusted earnings of $6.30 to $6.60 a share.
Best Buy Co. IncPlans to open smaller stores to reach new markets, expanding customer base.
Target Corporation