As incoming CEO Jason Bonfig prepares to take the reins at Best Buy, he spoke with CNBC exclusively about how he's focused on expanding the company's reach and enhancing the customer experience:
Part of that strategy includes investing in small-format stores, which open the company up to areas that can't support full stores but could still benefit from Best Buy's presence:
Bonfig also said he's focused on leveraging AI for customers and for the corporate side of the business:
This week, Best Buy opened two new stores, one in Jonesboro, Arkansas, and one in Cape Cod, Massachusetts, which Bonfig told CNBC illustrates his strategy as he prioritizes returning the company to long-term and sustainable growth:
Bonfig has said that the new small stores, ranging from 12,000 to 15,000 square feet, allow the company to reach more customers:
"What we're finding is that there are markets that we just can't be in with a traditional size Best Buy store, but they're markets that absolutely make sense for Best Buy from a reach perspective," Bonfig said:
