After 16 years of serving customers, a Best Buy store in Centennial, Colorado, has permanently closed its doors. The electronics retailer announced the closure, which took effect on March 2, marking the end of an era for the local shopping community.
Local Favorite Best Buy Closes Doors
For over a decade since its opening in 2008, the Best Buy store has been a fixture in the community, according to The Denver Post. This electronics store is now the latest business to depart from the bustling SouthGlenn shopping mall, following the exits of major retailers like Macy's and Sears.
Moreover, the Centennial Best Buy was not the only store in the chain to shut down this weekend, signaling a broader trend of closures.
The Streets at SouthGlenn has seen significant changes over the past few years, with the closure of Sears in late 2018 and Macy's in 2022. Responding to these changes, Centennial city leaders decided in late 2021 to permit an increase in residential units while reducing retail space in the area.
Currently, most of the shopping center's retail and office spaces are owned by Alberta and are up for sale, managed by CBRE. According to their marketing materials, 72 percent of the space is already occupied, hosting key tenants like Whole Foods and Regal Cinemas.
Additionally, the site previously housing Macy's is now designated for a multifamily development project and is available for acquisition.
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Multiple Best Buy Stores Shut Down
On March 2, at least two Best Buy stores closed their doors permanently, including the one in Apple Valley, Minnesota. These closures are part of a larger trend, as company executives had previously announced plans to shut down between 15 and 20 stores.
The Apple Valley location, situated less than 20 miles from Minneapolis, affected at least 20 full-time employees with its closure, significantly impacting the local workforce.
Best Buy CEO Corie Barry outlined a new strategy in November's latest earnings call. Barry explained that Best Buy is actively closing its traditional stores, a decision based on thorough evaluations as store leases come up for renewal. "This year, we've closed 24 stores, and over the past five years, we've shut down around 100 stores, marking a 10% decrease in our store count. We anticipate closing about 15-20 stores annually in the foreseeable future," Barry stated.
This strategy signifies a shift from Best Buy's previous "one-size-fits-all" approach, aiming to cater more specifically to the diverse needs of customers in different communities. Best Buy has introduced outlets in Blaine and Eden Prairie as part of this adaptation, moving away from the traditional store format.
Best Buy locations in Richfield and Minnetonka have also been transformed into "Experience Stores." These stores offer a more interactive shopping experience, demonstrating the company's effort to engage customers in new and innovative ways.
The closure of a popular Best Buy store has sparked a wave of nostalgia among its loyal customers. "Going to miss the geek squad," expressed one disheartened shopper, reflecting the sentiment of many who cherished the in-store assistance.
"Too many things leaving the Northland," another customer commented, highlighting a growing concern over the departure of businesses from the area.
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