Best Buy will invest US$400 million in Mexico over the next three years to open its first 20 stores in the country, according to a report in today’s El Financiero. 

Eduardo Garcia Fabregat, the CEO of Best Buy’s Mexico subsidiary, who was quoted in the report, said that Best Buy is targeting the Federal District-Guadalajara corredor and that the company plans to establish stores in Mexico City and its periphery, as well as in the states of Michoacan and Jalisco.

As Mexico Law Blog reported on August 24, 2008, the first Best Buy store in Mexico will be located in the Mundo E shopping center north of Mexico City.  The Mundo E location will be the company’s second largest store, at 5,500 sq. meters and with 2.5 million potential customers.  The company’s largest store is located in Shanghai.