Best Buy expected to close even more stores in 2021 than usual as consumers buy more online

[Yo_Mama_Been_Loggin]

The days of jumping in the car to gaze at big-screen TVs at your neighborhood Best Buy may be numbered.

Best Buy could close more stores than usual in 2021 as the shift to online shopping accelerates with people more reluctant to venture indoors during COVID-19, CEO Corie Barry said Thursday during the Minneapolis-based electronics retailer's quarterly earnings. The company has approximately 450 leases coming up for renewal in the next three years or an average of 150 each year.

“As part of the review process, we have closed approximately 20 large-format locations each of the past two years and expect to close a higher number this year,” Barry said. “We have also been reducing the length of our average lease term, which will continue to provide us flexibility.”

While the company's online sales exploded during the coronavirus pandemic as homebound people stocked up on laptops, TVs and other gadgets, the retailer is shrinking the number and hours of store staffers. Best Buy laid off 5,000 full-time store workers earlier this month, Barry said.

https://www.msn.com/en-us/money/companies/best-buy-expected-to-close-even-more-stores-in-2021-than-usual-as-consumers-buy-more-online/ar-BB1e1JKj?li=BBnbcA0&ocid=DELLDHP

[Sympthsical]

1. We've been using their curbside pick-up

Order online and hop on over. Someone comes out and brings you your stuff.

Although, even before Covid those stores always felt pretty empty to me. I swear, I'd be in there, and if you told me there were more than ten customers in that store, I'd have been surprised.

[pstokely]

4. why are they closing early, even for pickup?

Micro Center is still open til 9PM

[Sympthsical]

5. Covid/budget concerns?

You're right that they were open til 9 or 10p here usually. I want to say my local one closes at 7p now. I imagine it's just not profitable for them to keep any kind of extended hours. Limit the damage and all that.

Fortunately, we're both working from home 95% of the time, so we can pick up whenever. But if you work any kind of slightly late, it has to a pain in the whatsit.

[napi21]

2. I've actually bought online & had the item delivered. It was a lg. screen tv, & delivery included

putting the tv in place. I live alone & it was worth a lot to me not to have to juggle that thing alone! I've bought quite few things from BB. Most of the time they have the best price & I like buying local.

[pstokely]

3. large appliances still draw people into stores

but those last longer than computers unless they have tablets built in, Circuit City dumped large appliances for smaller things that could be found cheaper online