Recently in Business Category

A group of republican and democrat lawmakers joined business leaders Thursday for a push for Minnesota to require Internet retailers to collect state taxes, the Star Tribune reported.

State Revenue Commissioner Myron Frans says the state could expect roughly $4 million over the next year or more if purchases made through online retailers had Minnesota tax applied, Bloomberg Businessweek reported.

With more and more small businesses suffering in the recession, it is frustrating for many business owners, such as the owner of Creative Kidstuff Roberta Bonoff, to see people come in, find what they like in the store, then go off to buy it cheaper on Amazon, the Star Tribune reported.

She told the Star Tribune, "If we can just level that playing field and make it equal for all of us, no matter where you are buying your product, that would be fabulous."

Best Buy said Thursday it plans to close 50 of its U.S. big-box stores, cut 400 corporate jobs and trim $800 million in costs, all in an attempt to revamp the struggling chain, Mercury News reported.

It is testing a smaller store model, closer to what Apple is already doing, in both Minneapolis, one of its densest markets, and San Antonio, Texas, one of its least dense markets, to see how customers react, the Star Tribune reported. How many other big-box stores will shut down will ultimately depend on the success of its "Connected Store" remodels, the Star Tribune reported.

Best Buy is not the traditional big-box store to start focusing on smaller stores, the San Francisco Chronicle reported. Wal-Mart is building around 100 small-format stores this year, and Target is opening five CityTarget locations, the San Francisco Chronicle reported.

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