Best Buy plans to open eight new stores, expand to 15 states

May 7, 2019

The electronics retailer Best Buy will extend its reach this year.

The big-box consumer electronics retailer Best Buy has announced it will add eight new stores in Mexico this year, bringing the total number to 42.

Best Buy México CEO Fernando Silva told the newspaper Milenio that the firm “is very committed to Mexico, we have grown a lot in the 10 years we have been in the country, we are going to have over 40 stores.”

He said online sales have also been on the rise.

Five of the new stores will open in five cities that will be new for the retailer, which will extend its presence to 15 states. The goal of reaching all 32 states, Silva said, is still a distant one.

Best Buy intends to invest heavily in distribution centers and electronic control systems.

Speaking of online sales, Silva said that the arrival in Mexico of e-commerce giant Amazon “was very good for Mexican consumers,” who not only have more options but are becoming accustomed to shopping online.

“Our [business] model is very different,” he continued, as its physical and online retail sales “are so integrated it’s hard to separate them; that is an advantage we have in the market.”