Deutsche Bank Discusses Best Buy's Plan To Reduce Store Size (BBY)

Deutsche Bank is out with a research note on Best Buy Co., Inc. BBY as the company announced an initiative to cut store size. In a note to clients, Deutsche Bank writes, "Best Buy, (BBY; $29.46) the largest consumer electronics retailer in the US, announced its future management strategy on 14 April. The strategy for the US business is to improve productivity by reducing sales floor space at big box stores by roughly 10% over the next three to five years, and to double online sales. This initiative underscores the dramatic impact that changes in consumer purchasing behavior are having on both companies and the industry." Shares of BBY lost 79 cents yesterday to close at $29.46, a loss of 2.6%.