Best Buy Co (NYSE:BBY), the No. 1 U.S. electronics retailer, said Thursday that it plans to expand its operations selling services and accessories, and expand its online and mobile businesses.
The services and accessories industry segment is 2.5 times larger than the traditional consumer electronics hardware market. Best Buy said it is now aiming for 600 to 800 Best Buy Mobile stand-alone stores in the U.S. within five years.
The company also plans to invest more in proven international businesses, including its Five Star business in China, and said it will reduce its big-box store square footage in the U.S. by 10% over the next three to five years, generating annual savings of to million.
The company has been under pressure recently, after reporting 3 straight quarters of same-store sales declines and forecasting another such decline in the current quarter.
Shares of Best Buy are trading down 0.83% at .