Best Buy to close, remodel some stores nationwide, but will Orlando be affected?
Shoppers outside of a Best Buy store in the Brooklyn borough of New York, US, on Wednesday, May 24, 2023. Best Buy Co. is scheduled to release earnings figures on May 25. Photographer: Bing Guan/Bloomberg via Getty Images
ORLANDO, Fla. - Best Buy executives in a recent earnings call outlined the company's next moves, including remodeling existing stores, opening new outlet centers, closing large locations and developing smaller ones.
The electronics retailer plans to concentrate on existing store updates and "refreshes" instead of major store remodels or store openings, CEO Corie Sue Barry said. The company still said it sees opportunities for large-scale store remodels, but they'd rather improve existing store experiences instead.
"We plan to touch every single store in the chain in some fashion, improving both our merchandising and ease of shopping for customers," Barry added.
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Furthermore, Best Buy plans to open a few additional outlet centers. At these outlet stores, customers can shop for discounted electronics, including returned, refurbished and pre-owned products. There are 22 locations across the U.S. – one of which is in Central Florida in Ocoee.
Best Buy is also looking to open smaller locations in untapped markets, Barry said. The company will also try to maximize physical store retention by opening a large-format store and opening a small-format store nearby.
The majority of these changes will go into effect in fiscal year 2025.
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How many Best Buy stores are there in Orlando?
There are four stores in Orlando proper, and 15 in the Central Florida area, including Melbourne, Daytona Beach, Ocala, Winter Garden, Altamonte Springs, Sanford, Davenport, Polk City, Lakeland and Kissimmee.
Best Buy has not yet released a list of what stores will be remodeled or where new stores will pop up.
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Best Buy did not immediately respond to comment.