To keep growing, incoming Best Buy CEO says he first wants to go smaller - CNBC

Incoming Best Buy CEO Jason Bonfig, who succeeds Corie Barry this fall, told CNBC his strategy centers on expanding the retailer's reach and improving the customer experience amid recent sales struggles.
Best Buy has attributed its slumping sales over the past few years to lower consumer confidence, slower tech innovation, and a sluggish housing market.
A key part of Bonfig's plan involves opening smaller-format stores of roughly 12,000 to 15,000 square feet, enabling Best Buy to enter markets that can't support its larger traditional locations.
The company recently opened two new stores, one in Jonesboro, Arkansas, and one in Cape Cod, Massachusetts, to illustrate this small-store approach aimed at long-term, sustainable growth.
Bonfig said placing a store closer to customers increases the frequency of their visits and also changes their digital shopping behavior, boosting overall engagement.
He is also focused on leveraging artificial intelligence for both customers and the corporate side of the business, building around four pillars: advancing as a retail and technology company, improving reach, enhancing customer experience, and remaining a human-powered company.