Best Buy Set to Close Several Stores in 2024, Introduces New Customer Experience Approach
Best Buy to Shutter Stores and Enhance Customer Experience
Best Buy is looking to close 10 to 15 stores in 2024, following the closure of 24 stores last year. CFO Matthew Bilunas shared this during an earnings call, mentioning the strategy of closing traditional stores as leases expire. The decision is driven by evolving consumer habits, pandemic-related challenges, and product innovation declines. CEO Corie Sue Barry highlighted plans to refresh store appearances and introduce 'excitement' and 'relevancy' through vendor partnerships and improved merchandising.
Store Plans and Future Expansion
- Some stores will close, but others may undergo renovations.
- Best Buy plans to open outlet centers and small-format stores in new or previously closed locations.
The company is yet to disclose which specific stores will be affected by the closures.
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