Best Buy closing 50 stores

[ynkeesfn82]

Best Buy has announced it will be closing 50 stores this year. A list of the 50 has not yet been made available.

http://www.courant.com/business/hc-rt-bestbuy-20120329,0,3112279.story


Will Best Buy go the way of Circuit City? Would PC Richards snag the Westfield Meriden Square location if it closes?

[retailisking]

Best Buy clearly has too much square footage, and its customer service stinks, but I don't think there's any chance of it going the way of Circuit City. BBY really has to rethink its compensation structure. My best experiences with electronics retailers were with commissioned salespeople. People are willing to pay a bit more if they are well taken care of.

TWICE goes into more detail about the restructuring:
http://www.twice.com/article/482485-Best_Buy_Plans_800M_In_Cost_Cuts.php

[TRU7536]

Best Buy has announced it will be closing 50 stores this year. A list of the 50 has not yet been made available.

http://www.courant.com/business/hc-rt-bestbuy-20120329,0,3112279.story


Will Best Buy go the way of Circuit City? Would PC Richards snag the Westfield Meriden Square location if it closes?

PC Richards will not open any more stores in CT. I worked for them last year and they put a stop on opening any more stores bc the Enfield, North Haven, and Danbury did crap.

[XDeSuEhTX]

Dang. If Best Buy goes out, who will be left as an electronics and appliance superstore?

Welcome to the future. You buy online or you go to Walmart.

[JimSawhill]

Dang. If Best Buy goes out, who will be left as an electronics and appliance superstore?

Welcome to the future. You buy online or you go to Walmart.

How about HH Gregg??  There are a chain based out of Indianapolis, IN. There are fast growing... took over some Circuit City locations in Tampa.

[retailisking]

hhgregg is also in the mid-Atlantic and are making plans to enter the Northeast. They may be poised to take significant market share from Best Buy if this anecdote is any indication:
http://techpinions.com/why-best-buy-is-struggling-a-personal-tale/6201

[TRU7536]

Dang. If Best Buy goes out, who will be left as an electronics and appliance superstore?

Welcome to the future. You buy online or you go to Walmart.

yeah..Walmart to starting to worry about amazon now...lol

http://finance.yahoo.com/news/why-wal-mart-is-worried-about-amazon.html

[Zayre88]

Circuit City closed - Best Buy remains but for how long?
Borders closed - Barnes & Noble remains but for how long?

With the closure of Circuit City, Tweeter, CompUSA and Ultimate Electronics, it's clearly not a problem of a crowded market.  Best Buy has it all.

[TRU7536]

Circuit City closed - Best Buy remains but for how long?
Borders closed - Barnes & Noble remains but for how long?

With the closure of Circuit City, Tweeter, CompUSA and Ultimate Electronics, it's clearly not a problem of a crowded market.  Best Buy has it all.

Best Buy is over priced on everything and they also over expanded.

The day of big box retailers are gone!. Many of these companies are opening smaller stores bc the internet has become a better option.

[NJxxJon]

I have a "rewards card" for them I found the other day.....LOL  :-\

[JimSawhill]

Circuit City closed - Best Buy remains but for how long?
Borders closed - Barnes & Noble remains but for how long?

With the closure of Circuit City, Tweeter, CompUSA and Ultimate Electronics, it's clearly not a problem of a crowded market.  Best Buy has it all.

If someone could open up store that promotes CUSTOMER SERVICE they might make it. There is a book called 'Up against the Wal-Marts' about how smaller stores cam compete against the big Box stores.

[ynkeesfn82]

Best Buy is over priced on everything and they also over expanded.

I'll disagree with that. On Monday I went to the Westfield Meriden Square Mall with my friend. First we went to FYE and they had a 4 pack of the first 4 Final Destination DVDs for $14.99, which I thought was a good price for 4 movies so I bought it. Then we went to Best Buy where they had the same 4 pack for $12.99, so I bought it again and return the other to FYE. Not only that, but Best Buy had Final Destination 5 for $14.99 and I bought that as well. At FYE FD5 was $25.99 - the only problem was that the FD 4 pack was $9.99 at the Target across the street from the mall, but I did not return the 4 pack to Best Buy.

Also, although BEST BUY no longer sells CDs, when they did they were always several bucks cheaper than FYE.

[TRU7536]

Best Buy is over priced on everything and they also over expanded.

I'll disagree with that. On Monday I went to the Westfield Meriden Square Mall with my friend. First we went to FYE and they had a 4 pack of the first 4 Final Destination DVDs for $14.99, which I thought was a good price for 4 movies so I bought it. Then we went to Best Buy where they had the same 4 pack for $12.99, so I bought it again and return the other to FYE. Not only that, but Best Buy had Final Destination 5 for $14.99 and I bought that as well. At FYE FD5 was $25.99 - the only problem was that the FD 4 pack was $9.99 at the Target across the street from the mall, but I did not return the 4 pack to Best Buy.

Also, although BEST BUY no longer sells CDs, when they did they were always several bucks cheaper than FYE.

Wait Best Buy doesn't sell cd's anymore? Since when?

[ynkeesfn82]

Wait Best Buy doesn't sell cd's anymore? Since when?

Not sure. Prior to visiting the one at the Westfield Meriden Square a  week and a half ago I hadn't been there in several months.

[retailisking]

Certainly Best Buy has sharply curtailed the real estate devoted to DVDs and CDs but they haven't eliminated those categories altogether. They stick to only the fastest-moving titles that are likely to draw people into the store to buy higher-margin HDMI cables and the like.  ;D

Anyway, Best Buy's most recent CEO who just resigned abruptly got caught with his hand in the cookie jar and was messing around with one of his female subordinates. Perhaps Best Buy's recent struggles (the timeline of which dovetails nicely with Dunn's tenure as CEO, though the recession couldn't have helped) have something to do with his, how shall I put it, divided attention.

http://www.startribune.com/business/147091815.html

[dmx10101]

Closing list has been revealed on their site- http://pr.bby.com/phoenix.zhtml?c=244152&p=irol-newsArticle&ID=1683036&highlight=

[retailisking]

That's at least three big stores in the struggling Biddeford Crossing in Maine (following Linens 'N Things and Lowe's) that have closed. I wonder if the BBY there suffered any significant loss of business after Lowe's closed a few months ago. I'm also surprised that the Topsham and Auburn Maine locations survived the cut, given the limited foot traffic when I've visited, although both locations are in otherwise thriving retail areas.

[Zayre88]

That's at least three big stores in the struggling Biddeford Crossing in Maine (following Linens 'N Things and Lowe's) that have closed. I wonder if the BBY there suffered any significant loss of business after Lowe's closed a few months ago. I'm also surprised that the Topsham and Auburn Maine locations survived the cut, given the limited foot traffic when I've visited, although both locations are in otherwise thriving retail areas.

Biddeford Crossing really was too much too soon! 

Linens 'N Things, Lowe's, Old Navy, Chili's, T.G.I.Friday's and now Best Buy, all closed!

Topsham might be ok because it less close to the Portland area.