Best Buy 2003 Annual Report Download - page 6
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Statements beginning on page 52 of our Annual Report, incorporated herein by reference.
Unless otherwise noted, the following discussion relates to continuing operations only.
Business Strategy
Our vision is to make life fun and easy. Our business strategy is to bring technology and consumers together in a retail environment
that focuses on educating consumers on the features and benefits of technology and entertainment products, while maximizing overall
profitability. We believe our stores offer consumers meaningful advantages in store environment, product value, selection and service,
all of which advance our objectives of enhancing our business model, gaining market share and improving profitability. The Future
Shop and Magnolia Hi−Fi acquisitions provide us with access to new distribution channels and new customers.
During fiscal 2003, we formalized four strategic priorities that we believe will further enhance our business model over the next
several years. Additional information on our strategic priorities is included in Management’s Discussion and Analysis of Results of
Operations and Financial Condition beginning on page 20 of our Annual Report, incorporated herein by reference.
Store Development
The addition of new stores has played, and we believe it will continue to play, a significant role in our continued growth and success.
Our store development program focuses on entering new markets, adding stores within existing markets and relocating, remodeling
and/or expanding existing stores. During fiscal 2003, we opened 90 new stores and 17 stores were remodeled, relocated or expanded.
While many of the new stores opened in fiscal 2003 were in existing markets, others were in new markets including the opening of our
first Best Buy store in Manhattan, as well as the opening of the first Best Buy stores in Canada. During fiscal 2004, we expect to open
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