Best Buy Closest To This Location (2024)

FAQs

Is Best Buy closing between 10 and 15 stores due to slowing sales? ›

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.

There are 1,051 Best Buy stores in the United States as of May 21, 2024. The state and territory with the most number of Best Buy locations in the US is California, with 146 stores, which is about 14% of all Best Buy stores in the US.

What is Best Buy Drops? Only available in the Best Buy app, Best Buy Drops provides the unique opportunity for you to score some of the best deals in electronics, appliances and more. You can save money on your favorite products from top brands by having access to exciting product releases, limited runs and launches.

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.

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.

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.

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.

Early History

In 1966 Schulze and a partner established Sound of Music, Inc. and opened their first store in St. Paul, Minnesota, in an attempt to capture a share of the Twin Cities' home and car stereo retail market. First-year sales reached $173,000.

Best Buy's primary revenue source comes from the sale of consumer electronics, appliances, and related products. These products include computers, smartphones, televisions, audio equipment, home appliances, and more. Best Buy purchases these products from suppliers and earns a profit by selling them to customers.

Bundle Savings

Best Buy sometimes offers savings on a bundle of items when they are purchased together. To take advantage of bundle packages, click on the offer and follow the instructions. In most cases, you'll need to add each item to your cart separately.

Can Best Buy reject a return? ›

Items that are damaged, unsanitary, dented, scratched or missing major contents may be denied a return. Apparel must not be worn or laundered, and its original tags must be attached for us to accept a return.

Drops go live around 11 a.m. ET on the specified day (usually a string of Tuesday, Wednesday, and Thursday in any given week), and inventory is typically fully claimed by 5 p.m. that day.

3 This restricted Best Buy's position in the market. Although this proved challenging, Best Buy's main problems in China stemmed from three main issues: piracy, cost-conscious customers, and the unpopular big-box retailer format.

97%would recommend to a friend. The vast majority of our reviews come from verified purchases.

Depending on what you want, one option might be better to shop for your products than the other. Below, we'll look at the distinctions between the three: Open-box items are previously owned by customers and returned under Best Buy Return & Exchange Promise.

The retail industry is going through a tough time as it copes with inflation-weary consumers and a rash of bankruptcies, prompting chains to announce the closures of almost 3,200 brick-and-mortar stores so far in 2024, according to a new analysis.

Typically they have a liquidation sale, and then offer the left over merchandise to suppliers or wholesalers at a reduced rate.

The company's net income for the three-month period that ended May 4 rose slightly to $246 million, or $1.13 per share, from $244 million, or $1.11 per share, a year earlier. Adjusting for one-time items, including restructuring charges, Best Buy reported earnings of $1.20 per share.