Best Buy plans to close 10 to 15 stores by 2025, according to recent earnings call [USA TODAY]
Best Buy Co., Inc. (BBY)
Last best buy co., inc. earnings: 2/27 07:00 am
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Source: USA TODAY
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 tes
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