Fans of Best Buy are feeling upset after the company's leaders announced a big number of store closings.
The heads of the electronics store said they have shut down 24 shops across the country during their fiscal year of 2024, which finished in January.
More Store Closures on the Horizon
Best Buy is bracing for another round of closures, with an estimated 10 to 15 stores slated to shut down in 2025. The announcement came during a recent earnings call, catching the attention of shoppers and industry watchers alike.
This revelation has sparked a wave of nostalgia among the electronics retailer's loyal customers as they reflect on their past shopping experiences. Amid these closures, concerns about the fate of physical retail outlets in an increasingly digital shopping era are growing.
Best Buy closed 24 stores last year. Matt Bilunas, the company's Chief Financial Officer, thinks closing more stores this year could make the company more money. He predicts these closures could increase their profit rate by 30 points, which is 10 points higher than last year.
Best Buy plans to keep closing some of its older stores every year. Bilunas said that as part of their usual checks, they close stores whose leases are ending. Last year, they closed 24 stores.
"For this coming year, we're planning to close between 10 and 15 stores,"
Bilunas explained. This is how they decide which stores stay open and which ones close.
According to the Star Tribune, one of Best Buy's stores in Minneapolis is already shutting down this week.
The company hasn't shared which other stores will close or how many workers will lose their jobs because of these changes.
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"The End Is Near," Shoppers Worry
One shopper expressed deep concern, saying, "The end is coming." This sentiment reflects a growing worry among Best Buy fans about the increasing dominance of online shopping giants over physical stores.
Many customers have voiced their fears that traditional brick-and-mortar stores can't compete with the convenience of online shopping. "Brick and mortar will always struggle against the online marketplace," another shopper added, highlighting the challenge physical stores face.
"Best Buy is no different. They have nothing to offer that you can't order online and receive the same or next day," a tech enthusiast pointed out. This sentiment is becoming more common as shoppers find fewer reasons to visit physical stores.
The same tech enthusiast also listed several favorite electronics stores that have closed over the years, including Fry's Electronics, which shut down in 2021, and Circuit City, which closed its doors in 2009. "All my favorite stores have gone. I guess the new age of shopping is online," they lamented.
Despite the trend toward online shopping, many Best Buy customers are sad to see the stores close. "That is a bummer. Didn't shop there often, but it was nice to have it when you needed them," a shopper remarked.
"Super sad! One of the best companies I've ever worked for" said a former employee, expressing a personal connection to the retailer.
Currently, it's unclear which Best Buy locations will be closing, leaving employees and shoppers in suspense about the future of their local stores.
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