Best Buy to Shutter Multiple Locations Before 2025
Business ı By Gabrielle Seunagal
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For years, Best Buy has been a popular, go-to destination for Americans seeking electronics and handy gadget accessories. Think USB adapters, earbuds, and chargers. Many Best Buy locations live in malls or shopping centers; though it's also not uncommon for them to exist as standalone stores.
Just last year alone, the company's global revenue hit north of $46 billion, indicating an apparent demand for its products. Though in spite of all this, Americans should prepare to see fewer store locations across the country.
This week, Best Buy revealed that it will be closing down up to 15 different locations before 2025 gets here.
What's driving Best Buy to scale down?
Matthew Bilunas, the company's CFO, was the one to reveal the news. According to Bilunas, "traditional stores" will face closure as Best Buy strives to reevaluate operations and adapt to specific changes.
Some changes that impacted this decision include the diminished innovation of goods during COVID, public spending habits, and challenges with supply levels in recent years.
So far, there's been no specific confirmation of the stores set for removal vs. locations that will make it to 2025. However, Best Buy did reveal that stores which make the cut will undergo certain updates.
Corie Sue Barry, the company's CEO, gave the public an idea of what's coming down the pipeline. At the top of the list are measures to make Best Buy an "experience store," along with "refreshing" existing locations with better atmospheres and aesthetics.
A growing trend in the retail world
Best Buy is far from alone in shutting down stores staffed by America's working class. Other retail giants - such as Macy's and Dollar Tree - announced their own decisions to part ways with certain brick-and-mortar locations.
Given these recent trends, it stands to reason that retail is a less secure industry than in years past. Many people who rely on these jobs to make ends meet and support their families will have to seek out other avenues.
With automation also becoming an increasingly prevalent force in the retail world, the industry could see even fewer human workers within the next five to ten years.
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