GONE FOR GOOD Best Buy to close down popular location after 30 years in business – and 25 more will shutter in latest retail massacre

According to The Sun, A Best Buy location that has served the Gaithersburg community for 30 years will close its doors for good at the end of the month. The Gaithersburg 270 Center store will have its final day of operation on October 26, following its opening in the 1990s. This closure marks the latest in a series of store shutdowns as Best Buy continues to streamline its operations.

Shoppers Share Their Reactions

The decision to close the Gaithersburg store has prompted mixed reactions from customers, many of whom expressed their sentiments in the comments section of a local news report by The MocoShow. One shopper remarked, “When they stopped selling movies, that’s when I stopped shopping there.” Another added, “This is how they killed their business model,” referencing the loss of popular products that once drove foot traffic. A third commenter simply stated, “No loss, Best Buy hasn’t been best for a long time now.”

Plans for Future Closures

In a recent earnings call, Best Buy CEO Corie Barry indicated that the company expects to close between 10 to 15 locations in 2024, with a similar number projected for 2025. This could result in the potential closure of over 25 stores by the end of 2025. Barry emphasized that the retailer is working to “strike a balance between its workforce and consumer interest.”

Best Buy CFO Matthew Bilunas also noted that the company would continue reviewing its traditional store locations as leases come up for renewal. The closures have been attributed to a variety of factors, including shifts in consumer spending habits, inflation, and supply chain disruptions stemming from the COVID-19 pandemic. Locations in California, Colorado, Ohio, Minnesota, Missouri, and Virginia have already been shuttered.

Local Alternatives Still Available

Despite the closure of the Gaithersburg store, local shoppers can still find Best Buy locations in Germantown and Rockville. However, additional store closures across the country have yet to be publicly identified. As of now, Best Buy operates 1,053 locations nationwide, according to the company’s website.

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Sales Struggles Continue

Best Buy’s sales performance has raised concerns in recent quarters. By the end of the second quarter of this year, the company reported a revenue drop of approximately 3%, from $9.6 billion to $9.3 billion compared to the same period in 2023. Last year, the retailer experienced an overall revenue decline of 6%. Barry mentioned that Best Buy is adapting to changing consumer behaviors, noting that customers are increasingly looking for value during sales events while also being willing to invest in high-priced items when new technology becomes available.

Despite these challenges, Barry expressed confidence in the company’s future, stating, “We don’t believe anything in our data signals that customer behavior has changed in a way that would make us increasingly cautious.”

Expanding Into Canada

In a strategic move, Best Buy has also announced plans to open hundreds of additional stores in Canada this year under a different business format. The company has partnered with Bell Canada, the country’s largest telecommunications provider, to establish 167 Express stores by year-end. Each Express location will feature a “curated assortment of tech” and will allow for in-store pickup of online orders. Additionally, specialists from Geek Squad will be available at these smaller stores for service and protection plans on phones and gadgets.