March 21 (UPI) — Electronics retail giant Best Buy will shut down 10-15 store locations by the end of 2025, according to CFO Matthew Bilunas.
“As our ongoing practice, we will continue to close existing traditional stores during our vigorous review of stores as their leases come up for renewal. In fiscal ’24, we closed 24 stores. And in fiscal ’25, we expect to close 10 to 15 stores,” Bilunas said on an earnings call in February.
The company also announced plans to refurbish existing locations and open smaller locations in outlets.
“The goal through is that every single store is going to look like an experience store. The goal though is that every single one has a bit of a refreshed look and feel,” said Best Buy CEO Corie Sue Barry.
The company also said it would implement new methods to assist delivery.
“We’re using AI to route our in-home delivery and installation trucks to drive more efficient scheduling and better customer experience,” Barry said.
Barry said new outlet locations would be tailored to their specific market and said she is confident the new approach will help stabilize sales.
“We remain confident that our industry will grow again after 2 years of declines,” Barry said.
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