Current:Home > BackBest Buy plans to close 10 to 15 stores by 2025, according to recent earnings call-Angel Dreamer Wealth Society D1 Reviews & Insights
Best Buy plans to close 10 to 15 stores by 2025, according to recent earnings call
View Date:2024-12-23 22:53:14
Best Buy announced that it will close some of its stores, according to a recent earnings call by the company.
The electronic retail giant plans to close between 10 to 15 stores by 2025, Chief Financial Officer Matt Bilunas said during the call last month.
“As our ongoing practice, we will continue to close existing traditional stores during our rigorous review of stores as their leases come up for renewal. In fiscal '24, we closed 24 stores,” Bilunas said. “And in fiscal '25, we expect to close 10 to 15 stores.”
Best Buy is making the move to improve the customer experience. Instead of keeping larger stores open, the company is trying out flagship options to see if customers will gravitate towards those stores.
“We are planning to open a few additional outlet centers and new formats to continue to test two important concepts. First, we will open small locations in a couple outstate markets where we have no prior physical presence and our omnichannel sales penetration is low to measure our ability to capture untapped share,” Chief Executive Officer Corie Barry said. “Second, we will test our ability to close a large-format store and open a small-format store nearby, thereby maximizing physical store retention through convenience.”
Barry said that these locations will provide different styles of store formats to better suite various communities.. The companies goal is to create more, “vibrant and exciting” centers with updated technology.
Recall issued for Insignia air fryers:From Best Buy due to 'fire, burn, laceration' concerns
Locations of store closures not yet revealed
During the earnings call, Barry confirmed that many of the company's changes will be implemented within the first half of 2025.
However, the company has not said where the store closures will occur.
USA TODAY has reached out to Best Buy for comment.
How many Best Buy stores are in the United States?
According to the company's website, there are 1,050 stores within the United States.
California has the most Best Buy stores with 145 and Rhode Island, Vermont and Wyoming have the least. They are all tied with one store in their states.
Ahjané Forbes is a reporter on the National Trending Team at USA TODAY. Ahjané covers breaking news, car recalls, crime, health, lottery and public policy stories. Email her at [email protected]. Follow her on Instagram, Threads and X @forbesfineest.
veryGood! (491)
Related
- South Carolina to take a break from executions for the holidays
- Tesla says Justice Department is expanding investigations and issuing subpoenas for information
- Russia seeks to undermine election integrity worldwide, U.S. assessment says
- What does 'fyi' mean in text? Here's the 411 on how to use it correctly.
- Steelers shoot for the moon ball, but will offense hold up or wilt in brutal final stretch?
- 40 years after Beirut’s deadly Marines bombing, US troops again deploying east of the Mediterranean
- Juvenile arrested in California weeks after shooting outside Denver bar injured 5 people
- Charlottesville City Council suspends virtual public comments after racist remarks at meeting
- US overdose deaths are down, giving experts hope for an enduring decline
- 'Full of life:' 4-year-old boy killed by pit bull while playing in Detroit yard
Ranking
- Massive dust storm reduces visibility, causes vehicle pileup on central California highway
- Are earthquakes happening more? What to know if you're worried and how to stay safe.
- South Korean auto parts maker plans $72.5M plant near new Hyundai facility in Georgia, hiring 500
- Prosecutor: Ex-police chief who quit in excessive force case gets prison term for attacking ex-wife
- FBI offers up to $25,000 reward for information about suspect behind Northwest ballot box fires
- Coach keeps QB Deshaun Watson on sideline as Browns upend Colts: 'I wanted to protect him'
- North Dakota lawmakers begin special session to fix budget invalidated by Supreme Court
- JAY-Z weighs in on $500,000 in cash or lunch with JAY-Z debate: You've gotta take the money
Recommendation
-
California man allegedly shot couple and set their bodies, Teslas on fire in desert
-
EPA proposes banning cancer-causing chemical used in automotive care and other products
-
Detroit police say they’ve identified several people of interest in synagogue president’s killing
-
FYI, Sephora Has The Best Holiday Mini Value Sets From Cult-Fave Beauty Brands
-
Don't Miss This Sweet Moment Between Taylor Swift and Travis Kelce's Dads at the Kansas City Chiefs Game
-
Search continues for Nashville police chief's estranged son after shooting of two officers
-
Georgia man shoots and kills his 77-year-old grandfather in Lithonia, police say
-
Sen. Menendez returns to New York court to enter plea to new conspiracy charge