BEST Buy has confirmed that it will expand its reach this year with 167 new and exclusive stores.
The technology retailer announced the move after opening its first Best Buy Express store in Canada last month.
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In partnership with Bell Canada, the country’s self-proclaimed largest telecommunications company, Best Buy created its Express model design with several exclusive features, for a Press release.
They are smaller than standard Best Buy locations and come with a “curated assortment of technology” that includes at least 100,000 products available in-store or through online pickup orders.
Customers can also get cell phone service through Bell, Lucky Mobile and Virgin Plus.
Geek Squad experts are still available at Best Buy Express to assist with a variety of services and protection plans for phones and gadgets.
While only one Express store has opened so far in British Columbia, Best Buy president Ron Wilson has confirmed that 167 will open across Canada by the end of 2024.
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He called the decision “bold” and said Best Buy was “excited” about spreading further across the country.
“Opening 167 stores in five months could be a first in North America,” Wilson said in the release.
“It’s certainly bold in retail today.”
“We are excited to see these new stores come to life as we double our store count, expanding our presence across Canada,” he continued.
“We are proud to be able to offer our best shopping convenience to new and existing customers.”
Best Buy confirmed its partnership with Bell Canada in January and quickly began a months-long planning process to introduce Express stores throughout the year.
While Bell Canada provides the store operation and labor costs, Best Buy provides the electronics, marketing and supply chain services for the stores, for Diving into Retail.
It’s unclear whether American customers will see a similar introduction of Express soon, especially after a wave of closures this year and the confirmation of more in 2025.
gone forever
Matt Bilunas, chief financial officer of Best Buy’s U.S.-based operations, confirmed the details of the closing during a recent earnings call.
Reasons behind Best Buy’s closure
In a recent earnings call, Best Buy CEO and Director Corie Sue Barry noted several factors that contributed to the decision to close store doors:
- Change in consumer spending habits
- Reduced product innovation during the pandemic
- Inflation
- Challenging years in the supply chain
- Stagnant real estate market
- Macro pressures impacting retail in general
- Low level of product innovation
“We will continue to close existing brick-and-mortar stores during our rigorous review of stores as their leases come up for renewal,” Bilunas noted.
At least 15 Best Buy stores will close across the country by the end of this year.
It is estimated that another 10 will close by 2025.
The grim news also comes after at least 24 Best Buy stores closed last year.
Best Buy shoppers can also expect a new mobile experience coming soon with “exclusive offers.”
An employee at the tech retailer also recently confirmed a crucial way to get merchandise returned for less.
This story originally appeared on The-sun.com read the full story
