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Report: Best Buy to Test Appliance Stores

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It seems like every retail story I've linked to lately has been about a retailer closing stores or slowing expansion plans. So this comes a breath of fresh air. KeyPoint Partners Retail Roundup has a link to a report about Best Buy contemplating rolling out specialty appliance stores.

A chain of California kitchen and bath showrooms may lead Best Buy into the home-remodeling business, according to comments made at the Oppenheimer & Co. Consumer Growth Conference on July 9. The Minneapolis-based company, known as one of the leading retailers in consumer electronics, told analysts it plans to double its revenues to $80 billion by 2013.

Those plans may involve a nationwide expansion of Pacific Sales, a California subsidiary that sells high-end appliances, plumbing fixtures and home furnishings in a showroom setting.

Mike Vitelli, executive vp-customer operating teams at Best Buy, gave several examples of new business models that will contribute to the $80 billion goal, because they are “completely different or outside of the Best Buy box.” One of them was Pacific Sales. “We believe [it] has opportunity across the country as well,” said Vitelli, whose division is responsible for merchandising and product assortment.

To read the whole story, go here.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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