Best Buy says it will close 10 to 15 stores in 2024 (2025)

FAQs

How many Best Buy stores are closing in 2024? ›

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 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.

(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.

Best Buy was one of the first among top U.S. retailers to see a slump in demand when inflation hit decades high in 2022 and customers cut back on big-ticket expenses.

Best Buy (BBY) continues to struggle with sluggish sales as consumer demand fizzles after a spike during the pandemic. The electronics retailer reported mixed fiscal 2025 first quarter results on Thursday before market open. Adjusted earnings per share came in at $1.20, beating estimates of $1.08.

Barry said during the call that the “cuts would happen primarily in the first half of 2024 and would occur across the company.”

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.

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.

For this fiscal year, Best Buy anticipates revenue will range from $41.3 billion to $42.6 billion. That would mark a drop from the most recently ended fiscal year, when full-year revenue totaled $43.45 billion. It said comparable sales will range from flat to a 3% decline.

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.

Is Walmart bigger than Best Buy? ›

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.

The unveiling of “imagine that.” is inspired by the evolving role that Best Buy plays in consumers' lives, per release details. Consumers are looking less to the retailer for expertise, instead looking to it for help discovering new technology and understanding how it can elevate their lives.

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.

Best Buy's multifaceted approach to growth in 2024 underscores its commitment to evolving with the changing retail landscape while maintaining a customer-centric focus. These strategies are designed to enhance its competitiveness and adaptability in the dynamic retail environment.

The company is testing various store formats and operational models, and expects to close 10-15 stores in fiscal 2025 while investing in technology capabilities like data analytics and cloud migration. These investments aim to drive efficiency and effectiveness.

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.