Best Buy Announces Lease Signings for 24 Store Openings in Fiscal 2005; Expansion Plans Include Making Shopping More Convenient For Customers By Leveraging Presence In Existing Markets.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 26, 2004

Best Buy today announced signed lease agreements for 24 store locations in 16 states, consistent with the Company's previously announced plans to open approximately 60 domestic Best Buy stores during its 2005 fiscal year, which begins on Feb. 29. The terms of the leases were not disclosed.

"Our new store locations support Best Buy's goal of connecting customers with thousands of technology and entertainment possibilities," said Mike Keskey, president of Best Buy stores. "The majority of our new stores in the United States will open in existing markets, enabling us to make shopping more convenient for customers while leveraging our infrastructure."

Best Buy said it plans to continue to build its presence in states such as California with four new locations, and Texas and Florida, with three new stores each. The Company also expects to expand in the Chicago metropolitan area with three new stores. In addition, plans include a new flagship superstore in West Hollywood, Calif.

Best Buy is forging new ground by opening stores in new markets, including:

-- Yuma, Ariz.

-- Aiea, Hawaii

-- Paducah, Ky.

-- Columbia, Mo.

-- Findlay, Ohio 

-- Johnson City, Tenn.

-- Washington, Utah 

Best Buy signed leases for stores in the following markets:

-- Yuma, Ariz.

-- Colma, Calif. (a) (b)

-- Folsom, Calif.

-- San Marcos, Calif. (a)

-- West Hollywood, Calif. (a)

-- Destin, Fla.

-- The Avenues, Fla. (a)

-- Aiea, Hawaii (a)

-- Chicago, Ill. (Bucktown) (a)

-- DeKalb, Ill.

-- Gurnee, Ill. (a)

-- West Des Moines, Iowa (Jordan Creek) (a)

-- Elizabethtown, Ky.

-- Paducah, Ky.

-- Houma, La.

-- Columbia, Mo. (a)

-- Findlay, Ohio

-- Rock Hill, S.C.

-- Johnson City, Tenn.

-- North Arlington, Texas

-- Round Rock, Texas (a)

-- Washington, Utah

-- Burlington, Wash.

-- Janesville, Wisc.

(a) Indicates 45,000-square-foot stores. All other locations are smaller formats.

(b) Indicates Colma store location as a land purchase agreement.

"Best Buy continues to develop store formats that can serve market areas of various sizes. Our new stores' goal is to provide customers with the same fun and quality shopping experience they have come to expect from our stores," said Pat Matre, vice president of real estate for Best Buy. "Our wide assortment of products and knowledgeable sales staff, combined with our digital solutions and services, continue to make Best Buy the number one destination for consumer electronics."

As one of North America's largest electronics retailers, Best Buy expects to hire approximately 7,000 new associates in 2004. Best Buy currently employs more than 90,000 people in the United States.

Statements made in this news release, other than those concerning historical financial information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are based on management's beliefs and assumptions regarding information currently available, and are made pursuant to the "safe harbor" provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company's actual results could differ materially from those expressed in the forward-looking statements. Factors that could cause results to vary include, among others, those expressed in the Company's filings with the Securities and Exchange Commission. The Company has no obligation to publicly update or revise any of the forward-looking statements that may be in this news release.

About Best Buy Stores

Best Buy Stores, owned and operated by Minneapolis-based Best Buy Co., Inc., is the nation's leading specialty retailer of technology and entertainment products and services. Best Buy was founded in St. Paul, Minn. in 1966. Best Buy Stores reach an estimated 300 million consumers per year through more than 600 retail stores in 48 states and online at BestBuy.com. For more information about Best Buy, visit the virtual pressroom at http://communications.bestbuy.com/pressroom/.