Content about Hennepin County, Minnesota

August 26, 2014

Best Buy Co. earned $146 million in the second quarter, down from $266 million in the year-ago period, topping analysts earnings estimates even as its revenue fell short.

Minneapolis -- Best Buy Co. earned $146 million in the second quarter, down from $266 million in the year-ago period, topping analysts earnings estimates even as its revenue fell short. Its results were helped by ongoing cost reductions. Best Buy cut $40 million in annual costs last quarter, bringing the total to $900 million.

For the quarter ended Aug. 3, revenue dropped to $8.89 billion from $9.27 billion. Analysts had expected $8.99 billion. Same-store sales fell 2.7%, which was more than analysts had expected.

March 19, 2014

Mall of America has launched a $325 million expansion project in cooperation with Mortenson, a U.S.-based construction and development services company, Hotel Development LLC, an enterprise of the Shakopee Mdewakanton Sioux Community, and the city of Bloomington, Minn.

Bloomington, Minn. -- Mall of America has launched a $325 million expansion project in cooperation with Mortenson, a U.S.-based construction and development services company, Hotel Development LLC, an enterprise of the Shakopee Mdewakanton Sioux Community, and the city of Bloomington, Minn.

February 4, 2014

Caribou Coffee has taken over the rotunda in the nation’s largest shopping center, Mall of America, Bloomington, Minn., to put up a 64-ft.-tall “Living Pinterest Board” to celebrate the launch of its new Real Inspiration blend, created in collaboration with its fans on Pinterest.

New York -- Caribou Coffee has taken over the rotunda in the nation’s largest shopping center, Mall of America, Bloomington, Minn., to put up a 64-ft.-tall “Living Pinterest Board” to celebrate the launch of its new Real Inspiration blend, created in collaboration with its fans on Pinterest. The Caribou board is on display through Thursday, February 13.

May 15, 2013

Mall of America, the nation's largest retail and entertainment destination, has unveiled a new logo and tagline.

Bloomington, Minn. -- Mall of America, the nation's largest retail and entertainment destination, has unveiled a new logo and tagline.  

October 24, 2012

Best Buy announced major changes to its leadership organization.

Minneapolis -- Best Buy on Wednesday announced major changes to its leadership organization. The company is removing the senior-most layer of the U.S. operation is being removed; resulting in what it called “a leaner structure intended to improve the company’s agility.”

August 6, 2012

Best Buy founder and former chairman Richard Schulze on Monday offered to buy the struggling retailer and take it private for as much as $8.8 billion.

Best Buy founder and former chairman Richard Schulze on Monday offered to buy the struggling retailer and take it private for as much as $8.8 billion. Schulze said he would offer Best Buy shareholders between $24 and $26 for each of their shares in the chain, according to a letter sent to the board that he made public.

June 26, 2012

Best Buy announced it is expanding the Best Buy Mobile brand and store-within-a-store concept into 14 Five Star stores throughout Nanjing, China, this summer.

Minneapolis -- Best Buy announced Tuesday it is expanding the Best Buy Mobile brand and store-within-a-store concept into 14 Five Star stores throughout Nanjing, China, this summer.

The expansion of Best Buy Mobile into the Chinese market is the first evolution of Global Connect, a partnership that was formed in November 2011 between Best Buy and Carphone Warehouse.

May 23, 2012

Best Buy said its profit for the first quarter fell 26% amid higher restructuring charges and lower comparable store sales.

Minneapolis -- Best Buy said its profit for the first quarter fell 26% amid higher restructuring charges and lower comparable store sales. However, adjusted earnings topped analysts' expectations and the company maintained its earnings outlook for fiscal 2013.

Best Buy said its profit fell to $158 million in the quarter ended May 5, from $212 million in the year-ago period.

Revenue rose 2% to $11.61 billion, helped by an extra week, and sales of tablets and mobile phones. International sales fell on weakness in China and Europe.

April 25, 2012

Fresh off the resignation of CEO Brian Dunn and the revelation that the company lost a not-so- insignificant sum of $1.7 billion last quarter, Best Buy’s recent announcement to close 50 stores by the end of 2012 probably didn’t come as a surprise to anyone in our industry.

Fresh off the resignation of CEO Brian Dunn and the revelation that the company lost a not-so- insignificant sum of $1.7 billion last quarter, Best Buy’s recent announcement to close 50 stores by the end of 2012 probably didn’t come as a surprise to anyone in our industry. What may have been surprising to some — myself included — is their plan to roll out 100 Best Buy Mobile stores.

March 29, 2012

In a move to tighten its footprint and reduce costs, Best Buy Co. said it will close 50 of its signature big-box stores and open 100 of its small mobile locations in the United States in fiscal 2013.

Minneapolis -- In a move to tighten its footprint and reduce costs, Best Buy Co. said Thursday it will close 50 of its signature big-box stores and open 100 of its small mobile locations in the United States in fiscal 2013. The shift will help cut $250 million in costs by 2013 and $800 million by 2015, said the electronics retailer.

October 6, 2011

Following a disappointing second quarter, Best Buy is looking to reposition itself as a tech leader with plans to hire more than 200 information technology professionals, with more than 100 new positions to be posted in the next several weeks.

Minneapolis -- Following a disappointing second quarter, Best Buy is looking to reposition itself as a tech leader with plans to hire more than 200 information technology professionals, with more than 100 new positions to be posted in the next several weeks.

Best Buy said Thursday it is looking to recruit skilled professionals from across the IT landscape, including e-commerce, business analytics, application development, engineering and project management.

July 6, 2011

What topics interested retailers most in the first half of 2011?

New York City -- What topics interested retailers most in the first half of 2011? The most popular stories with chainstoreage.com readers from January through June ran the gamut, from the top 10 retail markets for 2011 to Dollar General’s ambitious expansion. Take a look at our top 10 most popular stories: 
 
1. Top 10 retail markets for 2011

May 26, 2011

Mill Valley Kitchen, a new restaurant concept from former Excel Bank CEO, Craig Bentdahl, is opening on Tuesday, June 7, in the Ellipse on Excelsior development in St. Louis Park, Minneapolis.

Minneapolis — Mill Valley Kitchen, a new restaurant concept from former Excel Bank CEO, Craig Bentdahl, is opening on Tuesday, June 7, in the Ellipse on Excelsior development in St. Louis Park, Minneapolis. 

The design of the 5,000-sq.-ft., farm-to-table restaurant was handled by Minneapolis based design firm, Shea Inc. 

May 13, 2011

Paster Enterprises announced that Whole Foods Market is opening a 32,000-sq.-ft. standalone location at the company’s Minnetonka property.

St. Paul, Minn. -- Paster Enterprises announced that Whole Foods Market is opening a 32,000-sq.-ft. standalone location at the company’s Minnetonka property.

Construction on the project, a joint venture between Paster Enterprises and Shiner Capital Partners, a Chicago-based real estate investment firm, officially began on April 20.

April 14, 2011

Best Buy Co. said Thursday that it plans to open hundreds of wireless device stores, as well as expand online and in China in an effort to be more competitive as consumers up their online shopping.

Minneapolis -- Best Buy Co. said Thursday that it plans to open hundreds of wireless device stores, as well as expand online and in China in an effort to be more competitive as consumers up their online shopping. The chain is also scaling back the size of its signature namesake format. 

In an analyst conference Thursday, the retailer unveiled plans to shrink square footage at big-box stores by 10% over the next three to five years, a move that Best Buy said will eventually save $70 million to $80 million annually.

March 24, 2011

Best Buy Co. reported Thursday that net income for the quarter ended Feb. 26 fell 16% to $651 million, compared with $779 million in the year-ago period.

Minneapolis -- Best Buy Co. reported Thursday that net income for the quarter ended Feb. 26 fell 16% to $651 million, compared with $779 million in the year-ago period. However, adjusted results beat Wall Street expectations.

The retailer cited restructuring costs and weak TV and other electronics sales for the performance decline.

February 23, 2011

Best Buy said in fiscal 2012 it will concentrate on growing its smaller-format mobile chain and restructure parts of its supply chain processes to cut costs and improve efficiency.

Minneapolis -- Best Buy said in fiscal 2012 it will concentrate on growing its smaller-format mobile chain and restructure parts of its supply chain processes to cut costs and improve efficiency. The retailer plans to open about 150 Best Buy Mobile stand-alone-stores in the United States, for a total of some 325 locations by year-end.

Best Buy plans to open about six to eight Best Buy-branded large-format stores in the United States, along with 18 Best Buy stores in Canada, the United Kingdom and Mexico during the year.

December 14, 2010

Best Buy Co. has settled a Connecticut lawsuit that accused the retailer of advertising lower prices on some items on its website than at in-store kiosks, then overcharging customers at the stores.

Hartford, Conn. -- Best Buy Co. has settled a Connecticut lawsuit that accused the retailer of advertising lower prices on some items on its website than at in-store kiosks, then overcharging customers at the stores.

Best Buy did not admit wrongdoing as part of the 2007 lawsuit's settlement, filed Monday in Hartford Superior Court. The retailer agreed to pay $399,000 to Connecticut's government general fund and reimburse affected customers for the difference between the online prices and the higher in-store kiosk prices they were charged.

July 18, 2010

Best Buy Co. will withdraw its unfair advertising lawsuit against Colorado-based Ultimate Electronics....

June 14, 2010

Best Buy Co. said Tuesday that its first-quarter profit inched up 1%, to $155 million...

March 24, 2010

Best Buy reported its fourth-quarter earnings rose 37% due in part to better sales of...

October 20, 2009

Hot Mama, an apparel boutique geared toward fashion-forward moms, said Wednesday it is opening three...

October 15, 2009

Best Buy Canada said Friday it has launched an Oct. 16 to Oct. 21 trade-in...

October 13, 2009

Best Buy Co. said Wednesday it will open its first 24-hour retail location in New...

December 15, 2008

Facing what CEO Brad Anderson called the "most challenging consumer environment our company has ever...