Best Buy 2003 Annual Report Download - page 17

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Suncoast – Suncoast stores are mall−based and average approximately 2,400 retail square feet. At the end of fiscal 2003, there were
383 Suncoast stores in 47 states and Puerto Rico. The retail square footage of Suncoast stores was approximately 900,000 square feet.
Suncoast stores average approximately $1.1 million in annual revenue per location. During fiscal 2003, Musicland opened 10 and
closed 25 Suncoast stores.
Sam Goody Rural – In fiscal 2003, Musicland began changing the name of On Cue stores to the Sam Goody name as the result of
brand recognition research conducted during fiscal 2002. Sam Goody Rural stores are located in small or rural cities, generally with
populations of 10,000 to 30,000 people, and average approximately 5,900 retail square feet. At the end of fiscal 2003, there were 231
Sam Goody Rural stores in 33 states with total retail square footage of approximately 1.4 million square feet. Sam Goody Rural stores
average approximately $700,000 in annual revenue per location. During fiscal 2003, Musicland opened 19 and closed 20 Sam Goody
Rural stores.
Media Play – Media Play is a superstore format retailer located in metropolitan markets. Media Play stores operate
primarily in freestanding and strip mall locations in urban and suburban areas and average approximately 45,300
retail square feet. At the end of fiscal 2003, there were 76 Media Play stores in 19 states with total retail square
footage of approximately 3.4 million square feet. Media Play stores average approximately $6.4 million in annual
revenue per location. During fiscal 2003, Musicland did not open or close any Media Play stores.
The following table reconciles Musicland stores open at the beginning and end of each fiscal year since the date of acquisition:
Fiscal Year Stores
Opened Stores
Closed Total Stores at
End of Fiscal Year
Balance Forward* n.a. n.a. 1,309
2001 — — 1,309
2002 51 39 1,321
2003 42 168 1,195
*As of the date of acquisition, January 31, 2001
Merchandise
The following is an overview of the merchandise offered at each of Musicland’s four retail store concepts:
Sam Goody Mall − Sam Goody Mall stores generally offer a wide assortment of entertainment products including
compact disks, music, DVDs, books, computer software, electronics, video games and music−inspired apparel.
Suncoast − Suncoast stores feature newly released and classic movies, special interest videos and video
recordings of popular TV shows. Complementary products include apparel, posters and other products inspired
by new releases, as well as blank videotapes, storage cases and other video−related accessories.
Sam Goody Rural − Sam Goody Rural stores generally offer a wide assortment of entertainment products including
compact disks, music, DVDs, books, computer software, electronics, video games and music−inspired apparel.
Media Play − Media Play offers a large assortment of entertainment products including movies, music, books,
computer software, video games, electronics, musical instruments and toys.
The following table presents Musicland revenue, by product category, as a percentage of total Musicland revenue:
Product Category
Percentage of
Total Revenue
Fiscal 2003
Percentage of
Total Revenue
Fiscal 2002
Music 35% 41%
Movies 38% 35%