Yahoo Finance Best Buy plans to close 10 to 15 stores by 2025, according to recent earnings call
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.
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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 aforbes@gannett.com. Follow her on Instagram, Threads and X @forbesfineest.
This article originally appeared on USA TODAY: Best Buy is closing 10 to 15 stores, company earnings call reveals
