Best Buy plans on closing up to 20 stores in 2024, starting with at least three stores closing by March 2. According to a report by The Sun, Best Buy CEO Corie Barry warned about these closures back in November and they are now taking effect. There are 1,050 Best Buy stores in the U.S. now, so there may be as few as 1,030 by the end of the year.
“We expect to close roughly 15-20 stores per year in the near term,” Barry said on an earnings call in November. Reporters have now confirmed that the stores in Stafford, Virginia, Apple Valley, Minnesota and Kansas City, Missouri will be closed by March 2. These will be added to the 100 stores that Best Buy has closed over the last five years – a 10 percent decline in store count. Even with those cuts, the company is reportedly struggling to keep up in a retail market that increasingly favors online sales.
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One way Best Buy is adapting to this change is to convert some existing stores into discount outlets, starting with the location in East Northport, New York. Barry said that up to 10 more outlet stores may be open soon. The retailer has also stopped selling DVDs to make room for newer, more profitable products in warehouses and on shelves. Most importantly, the store is emphasizing the “immersive and inspirational” possibilities of in-person shopping, where customers can see and feel what they’re buying before placing an order.
Best Buy first opened in 1966 and it has had a strong presence in the U.S. ever since, but even older and more widespread retail brands have been struggling over the last few years. Online shopping is easier for customers in many ways, and grants them access to a wider range of products as well. As a bonus, there are several studies showing that online shopping may have just half or even one-third the carbon footprint of in-person shopping – though there are several variables to account for there.
Best Buy is preparing for some big changes but seems to be on stronger footing than some other retailers that face bankruptcy or complete shut-downs. There’s no word on when the rest of this year’s closures will begin.
