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.
