To keep growing, incoming Best Buy CEO says he first wants to go smaller
📰 source: cnbc_topnews · 💼 business
incoming best buy ceo jason bonfig says his first move is to go smaller, opening small-format stores to reach markets that can't support traditional locations. this week, the retailer opened in jonesboro, arkansas, and cape cod, massachusetts. the small stores run 12,000 to 15,000 square feet, versus medium stores at 20,000 to 25,000, and flagship nyc store over 40,000.
bonfig takes over from corie barry this fall. best buy's stock has sunk about 20% over five years after peaking at $138 in late 2021. it expects comparable sales of -1% to +1% this fiscal year, and its most recent quarter beat wall street, though q3 2026 net income fell to $140 million from $273 million. tariffs and memory chip prices are pressuring costs.
bonfig attributes the slump to covid-era pull-forward demand. he's also pushing ai, investing in meta glasses and partnerships with openai and google, and expects success to be measured by customer response.
why it matters: best buy's small-store strategy under new ceo aims to revive stagnant sales after years of declines and margin pressure.
source: cnbc_topnews
sentiment: +0.20 · impact: 0.30