Best Buy, Inc. (NYSE: BBY), after announcing it was going to come on strong in the United Kingdom, is now setting its sights on Russia to further its international expansion plans. This according to scattered media reports about the largest consumer electronics retailer in the U.S.Proof comes in the form of Best Buy's registration of the Future Shop trademark in Russia. The Future Shop trademark is the name for Best Buy's Canadian subsidiary. It filed the license for trademark a few years ago and has been granted the trademark recently. Would Best Buy really try to enter a country where recent political strife has caused growing international concern? Sure -- if profits are to be made.
With Best Buy on record saying that it wants to achieve $80 billion in annual sales within five years, much of that growth won't be sitting inside its U.S. stores, but from international sales. Of course, the retailer continues to open stores inside the U.S. and won't stop that type of expansion as long as it makes business sense. For the last 18 months, Best Buy has ramped up its dominance in retail electronics and has crushed former rival Circuit City stores, Inc. (NYSE: CC). It's showing no signs of slowing down anytime soon.
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