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BEST BUY ANNOUNCES LEASE SIGNINGS FOR 19 NEW STORES

 MINNEAPOLIS, July 22 /PRNewswire/ -- Best Buy Co., Inc. (NYSE: BBY) today announced the signing of leases for 19 new stores in eight states. These lease signings are part of the company's fiscal 1994 expansion plans for 40 new retail locations.
 Leases have been signed for five locations in Atlanta, four in Phoenix, four in Michigan, two in Texas, and one each in Arkansas, Ohio, Indiana and Chicago. Grand openings of these locations are slated for fall. Best Buy recently announced the company's plans to open in the Phoenix market, which represents the 18th state in which Best Buy will operate. Georgia is the 17th state.
 The first five leases have been signed in the Atlanta area, one each in Gwinnett, Morrow, Kennesaw, Stone Mountain and Perimeter. The Gwinnett, Kennesaw and Morrow locations will feature the company's megastore format of 45,000 square feet, which includes expanded home office, entertainment software and display theater areas. All Atlanta locations will be served by the company's southern distribution center in Ardmore, Okla.
 Best Buy signed four leases in Phoenix at Metro Center, Paradise Valley, Arrowhead and Scottsdale Pavillion. Metro City and Paradise Valley will feature the megastore format. Phoenix represents the company's western-most expansion. Best Buy currently operates stores in the major cities of Minneapolis/St. Paul, Chicago, Denver/Colorado Springs, Milwaukee, St. Louis, Kansas City, Dallas/Fort Worth, Houston and Indianapolis.
 Four additional leases have been signed in the Michigan cities of Ann Arbor, Gratiot, Flint and Grand Rapids. Best Buy will open up to a dozen locations in Michigan this fiscal year. The first Michigan location opened in Saginaw in June.
 Best Buy has also completed the leases for locations in Waco and Tyler, Texas; Fort Smith, Ark.; South Bend, Ind.; its second location in Toledo, Ohio; and a location in the Chicagoland area of Melrose Park. The company currently operates 18 locations in Chicago and plans to open another four locations this year.
 The majority of new locations will feature 36,000 square feet of retail space and include Best Buy's customer-friendly retail concept. Its features have been designed to provide customers with a unique shopping experience, including Best Buy's commitment to a wide selection of brand-name products with complete customer services at competitive prices. Best Buy places heavy emphasis on a hassle-free shopping environment, which virtually eliminates frustrations usually associated with shopping for electronics and appliances.
 Job fairs will be held in each city for management, as well as sales, service and administrative candidates. The company employs approximately 75-100 people per location.
 Best Buy is the nation's second largest publicly held specialty consumer electronics and major appliance retailer. The company, now in its 27th year, sells nationally recognized name brand consumer electronic products, home office products, major appliances, entertainment software and photographic equipment at 117 stores located in 16 states in the central United States. Best Buy's common stock is traded on the New York Stock Exchange, symbol BBY.
 -0- 7/22/93
 /CONTACT: Patrick Matre, VP real estate, 612-896-2395, or Susan Hoff, PR director, 612-896-2443, both of Best Buy/
 (BBY)


CO: Best Buy Co., Inc. ST: Minnesota IN: REA SU: PDT

KH -- MN021 -- 4705 07/22/93 15:40 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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