By Jamie Barrie B est Buy is in the process of closing all of its 250 small-format mobile store locations by May 31, as a result of declining smartphone sales. All of these locations sold smartphones and accessories in small retail stores or extended kiosks located in malls. However, there is good news for the big box retailers and that is that it will open its first new store since 2011 later this year, a 36,000-square- foot location in a Salt Lake City, Utah suburb that is expected to be about 30,000 and 45,000 square feet which is just “the right size” according to the company.
The decision shows that Best Buy stays true to its big-box stores model and where the company can provide a better experience for their customer because there’s more space and more products to meet their needs.
In a recent interview Best Buy CEO, Hubert Joly said that the company will continue to review locations as leases come up for renewal, to make sure that they have, “the right-size stores” and that they are, “in great locations” and that they will “tweak the margin.” Joly went on to say that, “because things evolve” they will continue to make changes to increase the customer experience in their stores.
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SPOTLIGHT ON BUSINESS MAGAZINE • MARCH 2018
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