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Best Buy confirms store closing down date months after CEO confirmed existing traditional outlets would be gone for good
The company also said another local store will be relocated
A BEST Buy location is set to close its doors in weeks and its CEO made an announcement about the company's future.
The store in Apple Valley, Minnesota - around 20 miles south of Minneapolis - will shut its doors on March 2.
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Best Buy executives revealed the branch will shut down as the company did not renew the building’s lease, according to ABC affiliate KSTP-TV.
The retailer also announced that it had made plans to relocate its other store in Burnsville, around five miles west of its Apple Valley location, but did not say where to.
This news came as Best Buy’s CEO Corie Barry shared news of a shake-up to the company’s stores.
Barry told investors in a November earnings call that the company would move away from its traditional store structure.
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“We also continue to close existing traditional stores as a result of our rigorous review of stores as their leases come up for renewal,” Barry said.
She also revealed that people should expect more store closures to come in the near future.
“This year we have closed 24 stores. Over the past 5 years we have closed approximately 100 Best Buy stores, which is a 10% decline in store count during that timeframe,” Barry said.
“We expect to close roughly 15-20 stores per year in the near term.”
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Best Buy explained that these changes would be made to tailor stores to its area and customers.
Some Best Buys in Minnesota have already been transformed into “Experience Stores,” which let customers learn more about the products for sale, according to the executive vice president of omnichannel Damien Harmon.
“For some technology, the best way to know if it’s the right fit for you and your home is to see it in person and get that immersive and inspirational experience,” Damien Harmon said.
“We wanted to give our customers the ultimate destination to discover and get expert advice on the latest in tech.”
Stores in Richfield and Minnetonka have already been turned into these “Experience Stores.”
The Apple Valley location has about 20 employees and the company said it will try to relocate these workers to other nearby branches.
The U.S. Sun has reached out to Best Buy for comment.
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