Report: Best Buy to expand mobile phone store format

New York City Best Buy plans to open up hundreds of mobile phone stores, the Financial Times reported in its Monday edition.

Brian Dunn, chief executive of the retailer, told the newspaper he intends to open "a number somewhere between here and 1,000" of Best Buy Mobile stores in shopping centers across the United States. The company currently operates 77 mobile phone shops.

Best Buy has said it planned to open 50 to 55 large-format stores and 75 to 100 small-format stores mainly mobile phone shops, in the United States this year. It also plans to open 10 to 15 stores in China.

Last month Best Buy forecast stronger-than-expected earnings in the current year citing growing demand for electronics in an improving economy.