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Best Buy is at a critical juncture as the consumer electronics retailer aims to revitalize its performance under incoming CEO Jason Bonfig, who spoke exclusively with CNBC about his strategy for the company. The company has been struggling with slumping sales over the past few years, which it has attributed to lower consumer confidence, less tech innovation and a slower housing market. In an effort to refresh its products, improve the customer experience and drive more sales, the retailer announced Bonfig will succeed current CEO Corie Barry this fall. As he prepares to take the helm, Bonfig has said he’s focused on four key pillars: advancing Best Buy as a retail and technology company, improving its reach, enhancing the customer experience and focusing on being a human-powered company. Bonfig has also said he’s looking into ways to capitalize on the artificial intelligence boom and Best Buy’s spot in that next chapter. This week, Best Buy opened two new stores, one in Jonesboro, Arkansas, and one in Cape Cod, Massachusetts, which Bonfig told CNBC illustrates his strategy as he prioritizes returning the company to long-term and sustainable growth. “What we’re finding is that there are markets that we just can’t be in with a traditional size Best Buy store, but they’re markets that absolutely make sense for Best Buy from a reach perspective,” Bonfig said. Shoppers wait outside at a Best Buy store on Black Friday in New York, US, on Friday, Nov. 28, 2025. Victor J. Blue | Bloomberg | Getty Images To lean into those markets, the company is opening new small-format stores, ranging from 12,000 to 15,000 square feet, compared to its medium-format stores, which range from 20,000 to 25,000 square feet. Some of its largest stores, including its flagship location in New York City, exceed 40,000 square…