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Profitable plan

Friday, March 02, 2018

BEST Buy Co Inc, the No. 1 US consumer electronics retailer, on Wednesday said it will shut 250 small mobile phone stores in malls as it looks for ways to operate profitably and turn around its business amid intense competition.

The stores, which contributed just more than 1 per cent to the company's overall revenue and 1 per cent to its overall square footage, will be shut effective May 31.

The mobile stores are each about 1400 square feet while a typical Best Buy store occupies about 40,000 square feet.

The Minneapolis-based retailer said it will continue to sell mobile phones through its 1000 US big box stores and online.

Best Buy began opening these stores more than a decade ago, before Apple Inc's iPhone was launched and when margins in the business were high, Best Buy CEO Hubert Joly told employees.

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