Is Best Buy Shutting Down in 2023? Are Maine and New Hampshire on the List?
Let's face it, online shopping platforms like Amazon are running out big box stores.
I'm not necessarily saying it's a good or a bad thing, but I certainly see it.
Online shopping has made life a billion times easier for millions, maybe even billions, of people.
Need to see what people say? Online reviews. Need to measure dimensions? Footprints and dimensions included. Don't have time to pick up your groceries, school pencils, or new socks? FREE SHIPPING!
Online shopping has taken over. But there are some things you need to buy in stores. For me, I will never buy a mattress online. I don't care how many reviews I see. I want to lay down on that sucker and verify for my own back.
One business that is feeling this online shift is Best Buy.
In the first week of March 2023, during the earnings call, Best Buy CEO and director Corie Sue Barry "stated that Best Buy is planning to close 17 stores" in March 2023 and "will continue to close an average of 15 to 20 traditional large-format stores per year," as part of a lease review process, according to Best Life Online article.
What's even crazier, according to the company's annual report for the fiscal year 2022, is that Best Buy has plans to close stores through the beginning of 2025.
Now, Best Buy does not have New England ties per se, but it carries a bit of nostalgia for me and other New England millennials.
I would go to Best Buy in Salem or Newington, New Hampshire, every single summer before school started. It was always packed. And no, we likely couldn't afford to buy anything, but it was for the experience.
Recently, however, I went into the Newington Best Buy and it was kind of a ghost town. People are buying their new electronics or accessories online.
With the 17 store closures happening immediately, and more to follow, I had to check in on my New Hampshire and Maine stores. They are safe, for now.
Many of the closings have everything to do with the size of the location and the length of the lease the building is operating under.
It is interesting to note that the CEO, Barry, included that the company will actually be opening 10 outlet stores, remodeling two of its medium-core format stores, and implementing eight experiential store remodels, amidst the closings through 2025.
"This format (the new experiential format) has more premium experiences in a 35,000-square-foot selling area, showcasing the very best of Best Buy," Barry said, according to Best Life Online.
Could the New England stores be a part of that upgraded system or a part of the closings?
Time will tell. For now, they will remain in place.