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Edition: U.S. Article Comments (1) Follow Reuters Facebook Twitter RSS YouTube Read Aviation official quits over sleeping controllers 14 Apr 2011 U.S., allies see Libyan rebels in hopeless disarray | 14 Apr 2011 UPDATE 1-US aviation official quits over sleeping controllers 14 Apr 2011 Senate panel slams Goldman in scathing crisis report 13 Apr 2011 RIM's email-less PlayBook gets tough reviews 14 Apr 2011 Discussed 174 China tells U.S. to quit as human rights judge 143 Reid says Republicans want shutdown to close clinics 81 Obama to lay out deficit plan with focus on tax, spending Watched South Korean "super gun" packs hi-tech killing power Mon, Feb 14 2011 NATO divided on Libya as Gaddafi celebrates Thu, Apr 14 2011 X-47B - the future of autonomous aerial warfare Fri, Feb 11 2011 Best Buy to shrink big boxes; concerns linger Tweet Share this By Dhanya Skariachan NEW YORK (Reuters) - Best Buy Co Inc said it will boost its Web presence, shrink some larger stores and open more of its smaller U.S. stores to try to win back market share from the likes of Amazon.com Inc and Wal-Mart... Email Print Related News Retail sales up modestly; growth forecasts pared Wed, Apr 13 2011 Wal-Mart shrinks electronics space, adds items Tue, Apr 12 2011 EBay raises stake in Turkish site in latest deal Tue, Apr 12 2011 Jobless claims fall, retail sales stronger Thu, Apr 7 2011 WRAPUP 5-U.S. retailers surprise with March sales strength Thu, Apr 7 2011 Analysis & Opinion Think tax time is bad? Try doing estimated taxes GroupPrice targets small business with daily deals Related Topics Technology » Hot Stocks » Asian Markets » Stocks Greta Barnes (L), 37, and her daughter Marselena, 10, take a look at the Nook eReader as a Best Buy employee gives them a demonstration at a Best Buy store in New York April 18, 2010. Credit: Reuters/Jessica Rinaldi By Dhanya Skariachan NEW YORK | Thu Apr 14, 2011 5:20pm EDT NEW YORK (Reuters) - Best Buy Co Inc said it will boost its Web presence, shrink some larger stores and open more of its smaller U.S. stores to try to win back market share from the likes of Amazon.com Inc and Wal-Mart Stores. The news came after many investors had raised concerns about the retailer's huge overhead costs and oversized stores at a time when many shoppers go online to buy gadgets. But the plans outlined on Thursday did not assuage those concerns, and Best Buy shares fell 2.5 percent. The largest U.S. consumer electronics chain has reported three straight quarters of same-store sales declines and forecast a fall in same-store sales in the current quarter, mainly due to its ailing television business. "I do believe that a lot of their bigger box stores have to be downsized. If there was a disappointment, I was kind of hoping they would be even a little bit more aggressive than what they outlined." RBC Capital Markets analyst Scot Ciccarelli said. Best Buy has about 1,100 big-box stores, which range from 20,000 square feet to 58,000 square feet in size, for a total of 42.4 million square feet. The company expects that cutting U.S. "big box" square footage by 10 percent over the next 3 to 5 years will generate annual savings of $70 million to $80 million. "It's not that big for this company. What I think you really need to do is maybe downsize a little bit quicker," Ciccarelli said. "We believe the Street wants more. We look at this as a first step that shows us the company is looking at reductions," Janney analyst David Strasser said. LOOKING ONLINE FOR GROWTH On Thursday, Best Buy said it wants to double its current $2 billion online business within 3 to 5 years. "The online channel is our greatest growth opportunity," Chief Executive Brian Dunn told investors and analysts in a meeting on Thursday at the company's corporate headquarters in Richfield, Minnesota. Dunn also expressed optimism about potential online taxation reforms that aim at expanding the collection of sales taxes on items bought over the Internet. That would prevent online-only retailers such as Amazon from having an advantage over traditional chains. "We believe it's just a matter of time before this field is leveled," Dunn told analysts and investors. BRICK-AND-MORTAR MATTERS Industry experts have long urged Best Buy to shrink larger, older stores as many shoppers increasingly buy gadgets online. 1 2 Next Technology Hot Stocks Asian Markets Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (1) jbthechamp wrote: I agree being an online business owner myself more and more people are going online to shop because it’s cheaper, more convenient, saves on gas and there is more variety and many stores (including my own are offering free shipping). On the business side it saves on overhead, people can buy 24/7…no store hours. And campaigns and promotions can be ran digitally for far less than expensive network Television Campaigns. James Barlow Founder and CEO of: thasource21.com Apr 14, 2011 2:11pm EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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