Best Buy Announces Leases for 40 Stores To Open in 2003; Expansion Plans Include Entry in Six New Markets.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Jan. 13, 2003

Best Buy, one of North America's leading specialty retailers of digital technology and entertainment products, announced today lease signings for 40 store locations in 25 states. The Company anticipates welcoming customers across the nation to approximately 60 new stores this fiscal year, starting in March.

"These new locations support Best Buy's goals of providing a fun and easy shopping experience to our customers while continuing to increase market share," Mike Keskey, president of Best Buy stores. "The majority of the United States stores will be opened in existing markets, enabling us to leverage investments we have already made in distribution and advertising."

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

-- Bakersfield, Calif.

-- Columbus, Ga.

-- Harrisburg, Pa.

-- Jackson, Tenn.

-- Montgomery, Ala

-- Panama City, Fla.

The Company will continue growing its presence in the New York City metro with six new locations, including a second Manhattan store on the Upper East Side. In both the Washington, D.C. and Los Angeles markets Best Buy will add three stores, and the Raleigh, N.C.; San Francisco and Fresno, Calif., markets will each add two stores.

Leases are signed in the following markets:

-- Montgomery, Ala.

-- Bakersfield, Calif.

-- Chino Hills, Calif.

-- Corona, Calif.

-- Irvine, Calif.

-- Merced, Calif.

-- Redding, Calif.

-- Santa Clara, Calif.

-- Visalia, Calif.

-- Waterford, Conn.

-- Dover, Del.

-- Panama City, Fla.

-- Columbus, Ga.

-- Chicago (Lincoln Park), Ill.

-- Peoria, Ill.

-- South Bend, Ind.

-- Ames, Iowa

-- Lawrence, Kan.

-- Marlborough, Mass.

-- Waldorf, Md.

-- Battle Creek, Mich.

-- Brighton, Mich.

-- Brentwood, Mo.

-- Carson City, Nev.

-- Rockaway, N.J.

-- Buffalo, N.Y.

-- Hartsdale, N.Y.

-- Huntington Station, N.Y.

-- Manhattan (86th & Lexington), N.Y.

-- Mount Vernon, N.Y.

-- Riverhead, N.Y.

-- Garner, N.C.

-- Raleigh, N.C.

-- Niles, Ohio

-- Harrisburg, Pa.

-- Myrtle Beach, S.C.

-- Jackson, Tenn.

-- Denton, Texas

-- Lubbock, Texas

-- Tyson's Corner, Va.

-- Chevy Chase, D.C.

-- Olympia, Wash.

2003 will mark the third consecutive year that Best Buy opens at least 60 stores, maintaining momentum to reach the 650-store mark by 2006. The addition of 180 Best Buy stores in the last three years is more stores than the Company opened in its first 27 years of existence.

"The innovation and creativity Best Buy has used to develop a store format that can serve market areas of various sizes allow the Company to continue conquering new ground in expansion," said Pat Matre, vice president of Real Estate for Best Buy. "Our success, coupled with the heightened adoption of digital products, continues to make Best Buy a popular destination for the latest in consumer electronics."

As one of North America's largest electronics retailers, Best Buy expects to hire approximately 7,000 new associates in 2003. Best Buy stores currently employs more than 62,000 people in the United States.

About Best Buy stores

Best Buy stores, owned and operated by Minneapolis-based Best Buy, is one of the nation's leading retailers 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 500 retail stores in 48 states and online at BestBuy.com. For more information about Best Buy, visit the virtual pressroom at http://onlinepressroom.net/bestbuy.