Best Buy to shrink store footprint and lease space to other tenants

New York City -- Best Buy plans to reduce its store size by subleasing store space to smaller retailers, according to The Los Angeles Times. The chain’s new stores will be in the 36,000-sq.-ft. range, down from its current 45,000-sq.-ft. model.

"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.'"

According to the report, the new stores that move into the Best Buy space will require their own restrooms, electrical systems and air-conditioning in addition to floor-to-ceiling walls separating the businesses.

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