Retailers have been closing locations left and right over the last few years—and some companies have seriously slashed their retail footprint. In 2021, CVS announced that it would be shuttering 900 stores across the U.S. over the following three years. Bed Bath & Beyond, which had marked 150 stores for closure, announced just this month that it would be closing another 87 of its flagship stores, as well as shutting down its entire Harmon drugstore brand. Now another major retailer is losing some locations. Read on to learn more about the next Best Buy closures.
READ THIS NEXT: JCPenney Is Closing Even More Locations, Starting Next Month.
Best Buy has closed around a dozen stores in the last year.
Best Buy has been reducing its overall number of stores, but not in numbers as drastic as some of its fellow retailers. The electronics store had 938 U.S. locations at the end of the 2022 fiscal year. In the first quarter of the 2023 fiscal year (which started on Jan. 30, 2022), Best Buy shut down seven stores, and in its second quarter, it closed just one location.
The company's latest financial report revealed that there were 925 Best Buy stores still open in the U.S. as of Oct. 29, 2022, when the third quarter ended. (Best Buy has not yet released its financial reports for its entire 2023 fiscal year, which just ended on Jan. 28).
All in all, the company closed about a dozen stores over the last year.
The most recent closures were in New York and California.
Best Buy's most recent closures hit the U.S. in the fall, affecting locations in New York and California. The retailer's longstanding store on the Upper West Side in New York City closed on Oct. 30, Patch reported. "Thank you for shopping with us. This location is permanently closed," a sign on the front door of the NYC Best Buy store read at the time.
The company also closed its store in Riverbank, California, around the same time. The Riverbank Best Buy store's last day was set for Oct. 29, The Modesto Bee reported last year.
"We will not be renewing the lease on our Riverbank store and have no plans for other stores in the area in the near future," Best Buy spokeswoman Olivia Bruce told the newspaper. This location is now listed as "permanently closed" as well, according to Google.
Now, Best Buy is closing more locations.
Best Buy is gearing up for new store closures in 2023. Within the past day, it was reported that the retailer will soon be closing two separate locations in Tennessee.
Shoppers in Farragut are set to lose their Best Buy store, local ABC-affiliate WATE reported. According to the station, the town's store on Parkside Drive in the Turkey Creek Creek shopping area will close its doors on March 4. "It’s not goodbye, it’s see you around. This store is closing," a sign left on the door of the Farragut Best Buy reads.
Over in Chattanooga, customers are also going to be losing a Best Buy store. The Chattanooga Times Free Press reported that the retailer is shutting down its store in Hixson, a northern suburb of the city. Bruce told the newspaper that the 17-year-old store will close on March 4 as well, as Best Buy has decided to not renew its lease in the Towne Center North shopping center.
"This closure is a part of our regular and ongoing review process of stores as leases come up for renewal," Best Buy said in a statement to the Chattanooga Times Free Press on Jan. 30. "The decision to close a store is never an easy one, and we are so grateful for our Hixson-area customers who have shopped with us over the years."
Best Buy is also closing a store in Missouri.
These two Tennessee locations are not the only Best Buy stores on the chopping block. The company also has plans for an upcoming closure in St. Joseph, Missouri, the St. Joseph News-Press reported.
As with the Hixson closure, the St. Joseph Best Buy is shuttering because the retailer has decided not to renew its lease at the Shoppes at North Village. As a result, the store's last day of business will be March 4 as well, Bruce told the newspaper.
“The decision to close a store is never an easy one, and we are so grateful for our St. Joseph-area customers who have shopped with us over the years," Best Buy said in a statement to the St. Joseph News-Press. "We hope they continue to shop with us at BestBuy.com or on the Best Buy app."
With three different store closures now set for March 4, Best Life reached out to Best Buy to ask if there are plans for any more closures—on or after that date. We will update this story with the company's response.
