GameStop 2013 Annual Report Download - page 42

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25
Item 2. Properties
All of our stores are leased. Store leases typically provide for an initial lease term of three to five years, plus renewal options.
This arrangement gives us the flexibility to pursue extension or relocation opportunities that arise from changing market conditions.
We believe that, as current leases expire, we will be able to obtain either renewals at present locations, leases for equivalent
locations in the same area, or be able to close the stores with expiring leases and transfer enough of the sales to other nearby stores
to improve, if not at least maintain, profitability. We expect to open or acquire approximately 350 - 450 new stores in fiscal 2014,
including 40 - 50 Video Game Brands stores and 300 - 400 Technology Brands stores. We also plan to close approximately 170
- 180 Video Game Brands stores worldwide in fiscal 2014.
The terms of the store leases for the 6,675 leased stores open as of February 1, 2014 expire as follows:
Lease Terms to Expire During
Number
of Stores
(12 Months Ending on or About January 31)
2015.................................................................................................................................................................................. 2,297
2016.................................................................................................................................................................................. 1,587
2017.................................................................................................................................................................................. 1,137
2018.................................................................................................................................................................................. 638
2019 and later ................................................................................................................................................................... 1,016
6,675
At February 1, 2014, we owned or leased office and distribution facilities, with lease expiration dates ranging from 2014 to
2034 and an average remaining lease life of approximately four years, in the following locations: