Best Buy, Diet Coke Work Red Carpet

Best Buy went to the Oscar's with Diet Coke in an exclusive sweepstakes for members of the chain's Reward Zone loyalty program.The sweeps dangles a grand-prize trip to the Red Carpet Experience at the 2008 Academy Awards at the Kodak Theater in Los Angeles. Reward Zone members are automatically entered when they use their cards to purchase eligible products from Jan. 23 to March 5. Alternative entry is on the chain's Reward Zone web site. The sweeps was featured in Best Buy's Feb. 17 circular.The promotion is an exclusive overlay to a national Diet Coke sweeps awarding three identical trips through the ongoing "My Coke Rewards" loyalty program, which awards branded merchandise and myriad other prizes to consumers who collect codes from Coca-Cola products. The program runs various sweepstakes throughout the year. (See Related Articles.) Diet Coke was an official sponsor of the 2007 Oscars and aired three new TV spots during ABC's Feb. 25 broadcast.In other activity, Best Buy recently announced plans to open 90 U.S. stores and relocate eight existing units over the next 12 months. The expansion will increase the chain's store count to more than 900. About 60 stores will be in the 30,000-square-foot format, 20 will be larger 45,000-square-foot superstores and 10 in urban markets will be 20,000 square feet. The company also plans to open 35 new stores internationally in fiscal 2008, including two or three in China -- where it opened the first Best Buy in January.Best Buy, Minneapolis, operates 821 stores in 49 states (as of Feb. 23). The company reported total revenues of $8.5 billion in third-quarter 2007 (ended Nov. 25, 2006), a 16% increase compared with the prior year. Comparable-store sales increased 4.8%. The company added Magnolia Home Theater departments to 136 U.S. stores during the quarter.

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