Best Buy's store closures draw comment
Thursday, March 29, 2012
Twin Cities electronics behemoth Best Buy is closing 50 big-box stores and shedding workers in an attempt to adjust its business model to the changing landscape of technology retail. The moves, which include an expansion of small-footprint shops, are seen by analysts as a necessary first step but no guarantee of long-term success. Asked by Fox 9 to comment, UST finance professor David Vang noted that "they're still in the middle of a course correction."
Meanwhile, in a Star Tribune article about the realignment, UST Center for Retailing Excellence co-director Dave Brennan said starkly that with the current model, Best Buy has "too much space." He predicted that Best Buy's emerging smaller stores will offer "a more pleasurable shopping experience."
Originally published: 03/29/2012, Fox 9