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Best Buy To Shrink Footprint

Facing weak sales and growing online competition, Best Buy plans to sublease space at its stores. The chain's new stores will be in the 36,000-square-foot range, versus the current 45,000-square-foot footprint. The retailer, which has 1,300 stores nationwide, says it will wall off parts of its stores and sublease the space to smaller retailers, such as grocers, beauty supply stores, home furnishing outlets and others.

"We can reduce our overall square footage while actually increasing our presence," Best Buy CEO Brian Dunn said at the company's annual shareholders meeting this week. "It's an opportunity to capture cost savings and get ourselves 'right size.'"

Read the whole story at Los Angeles Times »

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