Best Buy to Close 50 Big-Box Stores and Adopt Connected Store Format

  • Best Buy’s $1.7 billion loss for the last quarter of its fiscal year will lead it to close 50 “big-box” stores, cut 400 corporate jobs, and reduce infrastructure and non-product costs.
  • “The retail chain hadn’t named the stores in question, but expected these and other cost savings to cut $250 million in 2013 and $300 million just for retail by the 2015 target,” reports Electronista.
  • The company, however, is still moving ahead with 100 Best Buy Mobile stores, some 50 of which will open in China.
  • Best Buy notes that pressure from Internet sales and less focus on TV affected their results. It is responding by introducing a Connected Store concept where customers can get price comparisons via Web kiosks, staff will be trained in product integration and there will be instant checkout similar to an Apple Store.

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