Best Buy Is Closing a Bunch of Stores (And We Know Why)

Best Buy is known for electronics like computers, home theater systems, cameras, gadgets, and more.

However, your local Best Buy may not be around for much longer, as the company has announced that it plans to close around 10 to 15 locations.

Here’s what you need to know about Best Buy’s locations and where you might need to drive to save money shopping for your electronic needs.

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Best Buy’s plans to close stores

Best Buy announced in a February earnings call that it planned to close 10 to 15 locations this fiscal year.

The move is part of an effort to shut down stores and decrease the company’s physical footprint.

Best Buy closed stores last year

The move comes after the retailer shut down 24 locations during the 2024 fiscal year.

The shuttered stores included locations in Minnesota, California, Missouri, Illinois, and Texas as part of the downsizing moves.

Building leases are an issue

One reason Best Buy continues to close stores is leases, which come due when the retailer decides whether to renew a lease or end its time in a specific location.

“We will continue to close existing traditional stores during our rigorous review of stores as their leases come up for renewal,” said Best Buy CFO Matt Bilunas during an earnings call for the company in February.

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More shoppers are online

Retailers like Best Buy saw an increase in online sales during the COVID-19 pandemic when consumers started using more online options to avoid going to physical stores.

While stores are open for business again, customers are sticking with online buying, making physical stores more expensive to operate compared to online purchase fulfillment.

Best Buy is testing out new concepts

You may be surprised the next time you walk into a store, and it doesn’t look like your typical Best Buy.

Current store locations may undergo remodels as part of the company’s changes, or you could find a new, smaller-format location with less space for you to wander.

The retailer is also expanding its outlet center options, where you may be able to find options at more affordable prices than at a typical Best Buy.

Best Buy isn’t alone

Best Buy isn’t the only retailer closing stores this year, with other big names also shuttering locations.

Macy’s announced in February that it would close 50 stores by the end of the year, while retailers like Express and Barnes & Noble are also shuttering locations.

Where to go shopping for Best Buy products

For now, Best Buy hasn’t announced which locations it plans to close, so you’ll likely still be able to shop at your favorite Best Buy.

There are also plenty to choose from, as the retailer has more than 1,000 locations nationwide, including stores in all 50 states, the District of Columbia, and Puerto Rico.

Your best bet to find a Best Buy is in either California or Texas, with each state boasting at least 100 locations for shoppers.

Bottom line

Savvy shoppers order on Best Buy’s website to lock in the best deal and pick it up at their local store instead to save time in the aisles.

You can also save more by shopping with a top rewards card and earn more with electronics and everyday purchases.

Money tips that can work for everyone

No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.

Focus on paying off your debt. Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.

Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.

Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).