Best Buy says it will close 10 to 15 stores in 2024

(WKBN) — Best Buy is closing some stores this year in an effort to offer a smaller experience to customers in some markets.

CFO Matthew Birnas said the company is considering closing 10 to 15 stores, following the closure of 24 stores last year. Fourth quarter results briefing with investors last month.

He said Best Buy is “closing existing traditional stores during a rigorous review of the stores as leases come up for renewal.”

The company cited consumer spending habits, a decline in product innovation during the pandemic and a “year of supply challenges,” among other things.

Best Buy has not yet announced which stores will be affected. Nexstar WJW report The store in Worcester, Ohio, has already been closed.

Some stores will close, but some may be renovated. CEO Cory Sue Barry said not all stores would be renovated, but the changes were aimed at bringing “excitement” and “relevance” to the heart of the store area.

“So the goal here is not to make every store look like an experiential store. But the goal is that all the products will have a slightly refreshed look and feel, and there will be more opportunities for partnership with vendors, and “It’s about increasing the ability of our employees to sell products in a way that makes everything feel fulfilling and exciting,” she said. Added.

Barry also said Best Buy plans to open some outlet centers and smaller stores in locations where the company hasn’t opened a store or has closed a large store.

The announcement comes as the retail industry faces a number of other changes.

Target recently introduced limitations That self-checkout, and some Walmart customers claim their stores limit access to self-checkout to Walmart+ members and Spark delivery drivers only. Costco has once again cracked down on non-members, making its food court available only to cardholders.

Meanwhile, other retailers have also announced plans to close some of their physical stores. Dollar Tree Co., Ltd.which owns Dollar Tree and Family Dollar, announced it would close about 1,000 stores across the United States in an effort to improve profitability. Macy’s closes 150 stores Suffering losses and declining sales, The Body Shop will close all U.S. operations as it files for bankruptcy.