UPDATE 2-Best Buy exec expects consolidation

(Adds company comment, detail on holiday plans)

By Karen Jacobs

MINNEAPOLIS, Oct 30 (Reuters) - Electronics retail leader Best Buy Co (BBY.N) would look to snap up some stores closed by distressed rivals, an executive said on Thursday.

"I think there's going to be a number of storefronts that close down," Best Buy President and Chief Operating Officer Brian Dunn told reporters at company headquarters.

He added that Best Buy would seize opportunities to pursue stores closed by rivals should the vacant space make sense for the company's brands.

"If store fronts close, a big number, you can bet that we will jump in and connect with those customers ... and take advantage," Dunn said. "If there's a big opportunity, we're going to absolutely go after it."

Earlier this month, The Wall Street Journal reported and some analysts wrote that smaller rival Circuit City Stores IncCC.N might close hundreds of stores in a bid to improve performance.

Circuit, the No. 2 electronics retailer, has said that all options, including store closures, are on the table as it tries to reverse a prolonged earnings and sales slump.

"If Circuit City did go out, I would not be jumping up and down," Dunn said. "I think it would be a sad day for the industry."

Dunn also said that Best Buy intends to grow, not cut, its way through the current business slowdown. For example, he said his company planned to roll out more stand-alone Best Buy Mobile stores this year, reaching as many as 40 by year-end. He said the company aimed to reach a 10-12 percent market share in its mobile business in three years from about 2-4 percent share today.

Best Buy also said that so far it has seen no change in terms from vendors.

HOLIDAY STRATEGY

To lure holiday shoppers amid the slowing U.S. economy, the Minneapolis retailer said it plans to focus on value-priced products and service.

That includes making sure that store workers are available to aid customers and offering a broader assortment of some products at lower prices as well as financing options to purchase.

Ads for Black Friday, also known as the day after Thanksgiving, will air beginning Nov. 25 and will focus on persuading consumers to make Best Buy a destination store.

The retailer also will offer exclusive shopping events in its stores for groups such as its 33 million "Reward Zone" customer loyalty program members, and a smaller group of about 1 million shoppers who spend at least $1,500 a year in its stores.