Best Buy (BBY) Looking To Reach 15% of Cellphone Market

Best Buy (NYSE: BBY) is planning to open 40 standalone mobile-phone stores this fiscal year and now thinks that it can quintuple its share of the U.S. mobile-phone market to 15%, the CEO said at yesterday's analyst meeting.

According to the Journal, Best Buy said that mobile phones are a crucial component of its new sales campaign to focus on gadgets that feature "connectivity."

BBY management said that customers are responding to the Best Buy Mobile displays, which display many mobile brands such as Apple's (Nasdaq: AAPL) iPhone and Palm's (Nasdaq: PALM) Pre in one central location.

As a result, Best Buy believes it can boost its share of the mobile-phones market, which it has already grown approximately 1.6% in the past two years. Best Buy currently has about 3% of the US mobile market share. BBY's European partner, Carphone Warehouse, has an 11% share in Europe.

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