Best Buy To Exit Physical Media Business In 2024 (2 Viewers)

[Ronald Epstein]

And here we go...

Best Buy closes 24 stores this year, another 10-15 by next year, company says

The company announced in a recent earnings call that it is shutting down 24 stores in the current fiscal year and it intends to close another 10-15 in the 2025 fiscal year.

abc7.com

 

[Jonathan Perregaux]

Looks like the thread title may need to be Best Buy to Exit Physical Media Business in 2024.

 

[Scott Merryfield]

And here we go...

Best Buy closes 24 stores this year, another 10-15 by next year, company says

The company announced in a recent earnings call that it is shutting down 24 stores in the current fiscal year and it intends to close another 10-15 in the 2025 fiscal year.

abc7.com

I speculated that this was a likely occurrence in a previous post. Based on Best Buy's current business model, they do not need as many store fronts.

 

[ManW_TheUncool]

I speculated that this was a likely occurrence in a previous post. Based on Best Buy's current business model, they do not need as many store fronts.

I imagine they'll likely (eventually?) close at least one or two in Manhattan over here. For instance, there are 3 in the downtown-ish area (w/in ~1 mile of each other) where they just might close 2 (in Chelsea and NoHo) to consolidate around the big, better located, Union Square one I imagine... although I haven't been to the Union Square one (or the other 2) in quite some time and have no idea what they're doing w/ the substantial space that used to go to movie/TV media... Hmmm, there's actually also another one ~1 mile north from the Chelsea one that I never visit in midtown (though it's easy walking distance from Times Square and Bryant Park).

Hmmm... they apparently did already close the one in NoHo last Oct... and maybe also the one up near Lincoln Center very recently -- had never been inside that one, but did walk pass there now and then (usually after I'm done at the Lincoln Square AMC or whatever event at Lincoln Center area perhaps).

The NoHo one was a small one at least 25 years old IIRC -- it was there when I lived for a few years along the Broadway edge of northern Tribeca/CTown.

_Man_

 

[Scott Merryfield]

I imagine they'll likely (eventually?) close at least one or two in Manhattan over here. For instance, there are 3 in the downtown-ish area (w/in ~1 mile of each other) where they just might close 2 (in Chelsea and NoHo) to consolidate around the big, better located, Union Square one I imagine... although I haven't been to the Union Square one (or the other 2) in quite some time and have no idea what they're doing w/ the substantial space that used to go to movie/TV media...

_Man_

I think there are at least a dozen stores in SE Michigan - - there are a half dozen within about a 30 minute drive of our home. I would expect some of those stores will be on the list to be closed.

 

[Desslar]

I speculated that this was a likely occurrence in a previous post. Based on Best Buy's current business model, they do not need as many store fronts.

There's a lot of efficiency savings to be had with a going out of business model.

 

[B-ROLL]

There's a lot of efficiency savings to be had with a going out of business model.

Suspect they'll strictly be a mail-order er inter-webs only company soon.

 

[Scott Merryfield]

Suspect they'll strictly be a mail-order er inter-webs only company soon.

I could see them keeping some retail stores for large appliance and TV sales, plus the Geek Squad technical support offering.

 

[rmw650]

Slowly but surely they will possibly be the next retailer to go by the end of either this year or next and with them getting out of the DVD/Blu-Ray business, this is just the start of the possible slow demise of Best Buy and if it's not this year, then next year for sure. Just like the rest of the many retail operatives of the past and current (Sears, Kmart, etc), they're just getting soundly beat by the likes of Amazon and Wal-Mart and such and not adapting to the new ways of how people shop for products and merchandise or they go strictly website only like Wards and Service Merchandise and the like. Their customer service is just terrible, they're way overpriced on their in-stock items and some stores that are just in bad condition to boot.

 

[TravisR]

...this is just the start of the possible slow demise of Best Buy and if it's not this year, then next year for sure.

They haven't even filed for bankruptcy yet and while the long term looks grim for BB, there's nothing that I've seen to suggest that they will file for bankruptcy any time soon. That alone makes it basically impossible for them to be out of business in the next 21 months.

 

[B-ROLL]

They haven't even filed for bankruptcy yet and while the long term looks grim for BB, there's nothing that I've seen to suggest that they will file for bankruptcy any time soon. That alone makes it basically impossible for them to be out of business in the next 21 months.

To you I say Fry's Electronics ... ...

 

[SeanSKA]

I imagine they'll likely (eventually?) close at least one or two in Manhattan over here. For instance, there are 3 in the downtown-ish area (w/in ~1 mile of each other) where they just might close 2 (in Chelsea and NoHo) to consolidate around the big, better located, Union Square one I imagine... although I haven't been to the Union Square one (or the other 2) in quite some time and have no idea what they're doing w/ the substantial space that used to go to movie/TV media... Hmmm, there's actually also another one ~1 mile north from the Chelsea one that I never visit in midtown (though it's easy walking distance from Times Square and Bryant Park).

Hmmm... they apparently did already close the one in NoHo last Oct... and maybe also the one up near Lincoln Center very recently -- had never been inside that one, but did walk pass there now and then (usually after I'm done at the Lincoln Square AMC or whatever event at Lincoln Center area perhaps).

The NoHo one was a small one at least 25 years old IIRC -- it was there when I lived for a few years along the Broadway edge of northern Tribeca/CTown.

_Man_

What they did to the huge area in the Union Square store that used to have physical media (DVD, Blu-ray, and in the past CD) ? They just built a wall around the empty space !

 

[Garysb]

Closing 40 stores as their leases expire over the next two years while also opening smaller locations where they don't currently have a presence does not seem like they will go out of business in the next 2 years. The article says they have around 1,000 stores. Macy's is closing 126 stores by 2026 and they have less than 600 locations. Macy's also plans to open 30 small format store fronts in the same period. No one is yet claiming Macy's will go out of business though I guess it could happen. There is just less need for big stores anymore. Malls are dying. All that said Best Buy stores are very empty of shoppers since the pandemic. Just seems people did not come back and they are willing to buy large appliances online without seeing them in person. I know I have done that since 2020.

 

[Traveling Matt]

Closing 40 stores as their leases expire over the next two years while also opening smaller locations where they don't currently have a presence does not seem like they will go out of business in the next 2 years. The article says they have around 1,000 stores. Macy's is closing 126 stores by 2026 and they have less than 600 locations. Macy's also plans to open 30 small format store fronts in the same period. No one is yet claiming Macy's will go out of business though I guess it could happen.

Some folks might be remembering past excuses with big box electronic stores and not giving Best Buy the benefit of the doubt. And perhaps justifiably. For example, their true intent might be to close the stated number of stores but not actually open any new, smaller ones - that part might just be PR to help the situation sound better than it is. This is speculation, of course, but we've seen this kind of tactic before.

 

[ScottRE]

Best Buy phased out the primary reason I walked into any of their stores. I would - sometimes - go in there to price stereo components, TVs and grab fast computer supplies, but most of that stuff can be found online for really cheap and it get it to my house by the next day - if not sooner. When BB first opened, I was thrilled because that was the heyday for home video and the selection was incredible.

Unlike Virgin Megastore and Tower Records, they have a reason to stay in business after the bottom dropped out of physical media, but I still remember the day I was looking to upgrade my home video experience at a big box store. I wanted a DVD player but the salesman was pushing DIVX. The store was Circuit City.

All of these chains come and go. Maybe they'll survive as a smaller P.C. Richards like chain but the days of my actually shopping there have ended.

 

[Ronald Epstein]

All of these chains come and go. Maybe they'll survive as a smaller P.C. Richards like chain but the days of my actually shopping there have ended.

I am more surprised that P.C. RICHARDS is still around. Oddly, a store shares the same parking lot as my local Best Buy. I never go into it, though.

I suppose P.C. RICHARDS is more home utility appliances orientated, but I remember co-workers going in there years ago to see their clerks pushing HDMI cables that cost at least $50.

 

[LouA]

I exited as a Best Buy customer years ago when they began getting rid of physical media.
Appliances I buy these days at PC Richard, stereo
equipment at a local knowledgeable audio/ video store, and CDs, DVDs and Blu-rays on line.
.

 

[ScottRE]

I still have my Best Buy points card. It's beat to hell all the points expired. I used to use them constantly. I do admit, I had a car stereo installed by them. They did a good job and it was cheap.

P.C. Richard, though, did an amazing job getting a sound system installed at my prior office. I had them put in speakers and a receiver for a large conference room. They did it quickly and for a fraction of the price of the private guy the Office manager was going to use. But I get my appliances at Plesser's which is a local shop. After they had everything I needed during the covid shortages, I never go anywhere else.

But yeah, for the most part BB got me in the store with their video and music selection. For a time, it was a joy to walk in.

 

[Desslar]

Shopping for DVDs at Best Buy in the 2000s was like going to Disneyworld. Amazing selection and semi-regularly had fire sale prices on niche titles that didn't move. Miss those days.

 

[Clinton McClure]

Closing 40 stores as their leases expire over the next two years while also opening smaller locations where they don't currently have a presence does not seem like they will go out of business in the next 2 years. The article says they have around 1,000 stores. Macy's is closing 126 stores by 2026 and they have less than 600 locations. Macy's also plans to open 30 small format store fronts in the same period. No one is yet claiming Macy's will go out of business though I guess it could happen. There is just less need for big stores anymore. Malls are dying. All that said Best Buy stores are very empty of shoppers since the pandemic. Just seems people did not come back and they are willing to buy large appliances online without seeing them in person. I know I have done that since 2020.

The store here has been practically empty for the past 5 years, except for the large number of blue shirts who swarm you when you enter. I’m surprised it hasn’t closed yet. I can’t speak for other people but I know I’d rather deal with Lowe’s or Home Depot than Best Buy for large appliances. In fact, I have. I bought a new kitchen range and dishwasher last year, both delivered from Lowe’s because their prices were better. This year, we’re looking at replacing our refrigerator. If we do, we’ll once again buy from either Lowe’s or Home Depot.

For me, Best Buy has largely been for buying new TVs and AV receivers for the last 20 years. I used to buy almost all of my DVDs there but started buying used from Hastings for less than half the Best Buy price. Once Hastings closed, I switched to buying new discs primarily from Amazon, because they were almost always cheaper.