(TheIndependentStar.com) – Following recent consequences that have made certain industries close their businesses due to the country’s lax leadership, Best Buy is planning to close more stores this year and offer a smaller shopping experience in certain markets.
As CFO Matthew Bilunas stated during an earnings call with investors last month, the company aims to close 10 to 15 stores after they did it with 24 last year.
Bilunas noted that Best Buy will “close existing traditional stores during our rigorous review of stores as their leases come up for renewal.” Factors like shifts in consumer spending habits, reduced product innovation due to the pandemic and supply challenges contributed to this decision.
Although the specific stores to close have not been announced, reports indicated that one location in Wooster, Ohio, has already closed.
While some stores will shut down, others may undergo renovations. CEO Corie Sue Barry emphasized the goal to infuse “excitement” and “relevancy” into the center of each store.
Barry clarified that not every store will become an experience store, but they aim to refresh each one with vendor partnerships and improved merchandise displays.
Moreover, the company plans to introduce outlet centers and small-format stores in areas where it has not previously operated or closed larger stores, but this announcement coincides with other changes in the retail world.
Target has introduced restrictions on self-checkouts, while Walmart reportedly limited access to self-checkouts for Walmart+ members and Spark delivery drivers. Costco has also restricted food court access to cardholders.
Additionally, other retailers also stated that they have plans to close some of their brick-and-mortar operations.
For instance, Dollar Tree, Inc. intends to close about 1,000 stores nationwide, Macy’s plans to shutter 150 stores due to losses and The Body Shop is closing all U.S. operations amid bankruptcy filings.
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