According to The Sun, Best Buy has shut down yet another location, adding to the growing list of closures as customers rush to find gifts for the upcoming holiday season. This decision follows several other shutdowns throughout the past year.
Maryland Store Closure
The Best Buy store located at 15750 Shady Grove Road in Gaithersburg, Maryland, which served the community for over 30 years, closed its doors for good on October 26, as reported by the MoCo Show. Residents in the area will now need to seek their favorite tech items at other Best Buy locations, including stores in nearby Rockville and Germantown.
Alternative Shopping Options
Shoppers looking for the Germantown location should be aware that it is currently undergoing renovations and will operate with modified hours. The store will close from 10:00 AM to 12:00 PM on weekdays to facilitate the remodeling process.
Ongoing Store Closures
In 2023 alone, Best Buy closed 24 stores, and the trend is expected to continue into 2024 and 2025. This spring, CEO Corie Barry announced plans to shutter 10 to 15 additional locations by December. If projections hold true, this could lead to over 25 store closures by the end of next year, bringing the total number of Best Buy shutdowns to around 50 nationwide over a three-year period.
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A Nationwide Trend
The closure of the Gaithersburg location adds to a list of states experiencing Best Buy shutdowns in 2024, which includes California, Colorado, Ohio, Minnesota, Missouri, and Virginia. Barry stated that these closures are part of the retailer’s efforts to balance its workforce with changing consumer interests.
Factors Behind the Closures
Several factors have contributed to these closures, including rising inflation rates, shifts in consumer spending habits, and ongoing supply chain issues stemming from the COVID-19 pandemic. According to its website, Best Buy currently has about 1,053 remaining locations.
Declining Sales
In 2023, the retailer reported a six percent drop in sales revenue, as noted by Retail Dive. Despite these challenges in the U.S. market, Best Buy continues to expand its footprint in Canada. This summer, the company confirmed the opening of 167 Express locations in partnership with Bell Canada, focusing on a “curated assortment of tech” with an emphasis on in-store pickup and online orders.
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