Best Buy closes 24 stores this year, another 10-15 by next year, company says (2024)

FAQs

Best Buy closes 24 stores this year, another 10-15 by next year, company says? ›

Best Buy closes 24 stores this year, another 10-15 by next year, company says. The company announced in a recent earnings call that it is shutting down 24 stores in the current fiscal year and it intends to close another 10-15 in the 2025 fiscal year.

Best Buy has announced the closure of 24 stores in 2024 and another 10 to 15 by next year. According to KABC, Best Buy announced in a recent earnings call that it will close 24 stores in the current fiscal year and will close another 10 to 15 in the 2025 fiscal year.

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.

(WKBN) — Best Buy is looking to close some stores this year and work to offer a smaller experience for customers in some markets. The company is looking to close 10 to 15 stores, following the closing of 24 stores last year, CFO Matthew Bilunas said during a fourth-quarter earnings call with investors last month.

There are 1,051 Best Buy stores in the United States as of May 21, 2024.

While the revenue decline isn't being cheered, it was less than feared. “Inflation is still high, mortgage rates are high and consumer confidence scores are trending lower,” Barry said during the electronics retailer's quarterly earnings call.

More companies announce bankruptcies and closures, citing inflation as almost 3,200 stores face shuttering in 2024: poll. More companies are declaring bankruptcy and shutting down operations, citing inflation and high costs.

Weaknesses. Market Saturation: Best Buy operates in a highly saturated market, where growth opportunities are limited by the number of potential new customers and the high penetration of consumer electronics.

3 The move proved to be far from ideal, as Best Buy officially withdrew from the Chinese market in 2014 by selling off the majority stake in its local partner, Five Star Appliance.

Best Buy's brand is ranked #101 in the list of Global Top 1000 Brands, as rated by customers of Best Buy. Their current market cap is $28.95B. Walmart's brand is ranked #104 in the list of Global Top 1000 Brands, as rated by customers of Walmart. Their current market cap is $382.64B.

What is the future of Best Buy? ›

Looking ahead to fiscal 2024, CEO Corie Barry outlined the company's plans, which include the closure of 20 to 30 large-format stores, 8 Experience store remodels, and the opening of around ten additional outlet stores.

Ownership of Best Buy is distributed among numerous shareholders who hold shares of its common stock. The largest shareholders are institutional investors and mutual funds who own shares of the company through stock exchanges.

Originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was rebranded under its current name with an emphasis on consumer electronics in 1983.

Best Buy is closing stores across the country. Will any on the Treasure Coast close? Best Buy plans to close 10-15 stores by 2025, the company announced on its Feb. 29 quarterly earnings call.

Looking ahead to fiscal 2024, CEO Corie Barry outlined the company's plans, which include the closure of 20 to 30 large-format stores, 8 Experience store remodels, and the opening of around ten additional outlet stores.

Best Buy's brand is ranked #101 in the list of Global Top 1000 Brands, as rated by customers of Best Buy. Their current market cap is $28.95B. Target's brand is ranked #7 in the list of Global Top 100 Brands, as rated by customers of Target. Their current market cap is $94.56B.