Best Buy Reports Large Scale Store Shutdowns As Businesses Brace For Retail Bankruptcies
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- Опубликовано: 15 окт 2024
- Retailers have been facing a series of challenges over the past few years. That’s why many of them are opting to close down stores and cut jobs in order to reduce costs and stay afloat in this tough environment. This year, you may have to say goodbye to your local Best Buy. The retail giant announced mass store closings starting this week. The decision will result in thousands of layoffs, and the same trend is being followed by other major companies that are now preparing for a flood of bankruptcies in 2023 -- with many at risk of going out of business entirely.
This may be a sad week for loyal Best Buy customers. Earlier this month, the company announced that it will close 17 stores starting on April 17. The locations were identified "through a stringent lease review process," CEO Corie Barry said. But shoppers can expect many more closures in the coming months, Barry warned. The executive anticipates "continued volatility" in 2023 as the company gets ready for "another down year" for the consumer electronics industry as a whole.
At least 30 large format stores are also on the chopping block, Barry revealed that the company’s plans include reducing 7% of its store Count, which ultimately means that over 70 locations will be shuttered. The CEO said that Best Buy will also remodel many of its big boxes, dedicating less of those stores to sales floors and more to backroom space where it can fulfill pickup of digital orders.
Moreover, the company’s headcount declined by about 20% over the last three years. As of February, Best Buy had more than 90,000 employees. That’s a drop from the nearly 125,000 workers that it had in early 2020, according to company financial filings. In other words, 35,000 jobs have already been slashed and many more are about to occur as storefronts go dark.
Several businesses, including some of the biggest retailers in America, are doing whatever they can to cut costs and avoid bankruptcy. They are watching shoppers move away from discretionary merchandise and spend more on essentials and services as inflation rages on. Notably, last month, retail sales fell again, signaling more trouble for the sector. Specifically, retail sales dropped-1.2% month-on-month after declining at a similar rate in the previous month. The figure was worse than expected and confirms a deterioration in consumption in the first quarter of the year.
From department stores to direct-to-consumer brands, companies are cutting staff and shuttering stores in preparation for the perfect storm that is coming. Sadly, this means that millions of hard-working people are going to lose their jobs at a time the country is marching toward a recession. We will not only be impacted by all of these closings, but also by the economic and financial toll these store shutdowns will have on our workforce, our industry, and our nation.
The retail apocalypse is a much more complex issue than people think. Consumers are on the edge right now, while businesses and workers alike are getting closer and closer to a financial cliff that threatens to change America’s economic landscape for good. Retailers better prepare for the wave of bankruptcies that is emerging on the horizon -- because if they don’t, they may disappear before people even realize it.
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Best buy is greedy and has always been overpriced .more employees than customers .they won't be missed .
😂😂😂
So true. I once went into a Best Buy in the 2010s and there were literally 20+ employees standing around and trying to avoid customer interactions while talking to each other the entire time. That entire business model is now dead. I enjoy shopping online more and less disrespect from retail America.
Worst Buy!
So true! I just walked into best buy last week and a group of guys were standing around by the front door talking, I asked all of them to help me find something and a guy said they didn't know to ask one of the guys in the back of store wow! Lazy seems like I enterrrupted their conversation 🙄
What you said makes no fking sense at all. Are you living under a fking rock? Best Buy price matches.
Best Buy is horrible. Went there a few months ago to get a new watch. The sales person said can I help you I said, yes I would like to look at that watch because I want to buy it. Needless to say after 15 minutes of waiting and me telling her what watch I wanted she proceeded to help another customer and totally ignore me standing there. I walked out with nothing. At this point why even have the half-assed sale associates. Another time I went in looking for TV risers to raise my tv above my sound bar, the sales associate in the department tried to sell me a new tv then proceeded to show me tv stands they had for 200+ dollars, after explaining to him what I wanted, he said you are probably better off getting them on Amazon. In turn Best Buy sucks and has declined immensely over the past 10 years. From available tech products to crappy sales reps.
I worked at Best Buy from 2012-2017 in some capacity, and the culture slowly shifted away from having experts on the sales floor, to people who have no more expertise than the next store. That, in my opinion, has been happening for years and is the main reason people don’t consider Best Buy to be relevant anymore. It’s a bummer for sure, it was a great place to work in my early days.
It was the same way with Circuit City before that. Culture shifted, executive mismanagement, etc..
Best Buy corporate is the only place in the Twin Cities area that I never liked the culture. Bunch of smug dweebs.
We had places in the NYC metropolitan area called Crazy Eddie Electronics Chain. They went out of biz in 1989. cool commercials back in the day.
I grand opened Danvers Ma Best Buy, they sure dont look or operate like the old ways. It was fun then different air today. Less personable.
I was a part of Geek Squad when you actually had to be computer nerd status to join. They’re clueless and watered down now.
It's how we are being groomed as consumers. Some remember when gas stations were all full service; an employee ran up to your car, pumped your gas, wiped your windows, checked your tire pressure, and accepted your payment. Then we did all that ourselves because the price was 2¢ cheaper per gal, and they called it "self-service". But - by definition - there is no such thing as "self-service". That's marketing propaganda meaning *No Service.* And we fell for it: are gas prices _Lower_ now because they don't have to pay for the labor anymore??
ATM's, self-checkout's, online everything else, MacDonald's is testing a workerless (all robotic) store in Dallas right now. And for those of you that think AI/AGI/ChatGPT can't possibly take your jobs?
Just think of a gas station that would pump gas for the same price as the highest gas station in town. Just look at gas buddy app. There are stations within a mile of each other charging $.40 price differential. You can make a lot of money on that 40cent difference. Pay a guy $20 an hour to pump gas, check fluids and air tire pressure.
You can make $5 to $10 a CUSTOMER on fluids. "Ma'am, you're a quart low on oil ($6.00), and your power steering fluid is low ($2.00 a squirt), your tire pressure in your front right is low ten pound; I filled it to mfgr specs but you wanna keep an eye on it. Washed your windshield and give 'er a quick vacuum out of your driver side floorboards. I notice your driver's side wiper blade has the rubber separated - I can replace that right now with the correct width blade for $12.00."
People do NOT maintain their cars anymore. WAHMEN literally do not know they need to check their oil or other fluids.
A proper business model could make a KILLING without even charging elevated prices for the fluids used to fill each car.
You could make $100's an hour per pump just checking fluids. Of course, as full service stations used to do, the guy filling the tires with air at the pump can have a hand tread-depth gauge in hand and check treads. "Ma'am, your right rear tire is down to 2/32n'ds inch of tread, it'd be very good idea for you to get a new one. WOuld you like me to text you a quick quote?" "Oh, and, ma'am, while I was giving your inside windshield a wipe, I noticed your oil change sticker says you'r 2000 miles past your recommended oil change interval. We have an OPEN BAY RIGHT OVER THERE right now. Would you like your oil changed for $30.00? IT'll take literally TEN MINUTES."
Mix old 1970's service with 2023's technology and you'd be a $billionaire. You could make a KILLING with good, smart young men as your on-lot sales force. And a GOOD REPUTATION gets 'em coming in and coming back.
We used to make commission on the extras we sold. A guy making $20 an hour salary could double that in commissions. AND NOT HAVE TO CHEAT.
I pumped a lot of gas for lazy college kids using daddy's credit card. Back in the day when gas was $1 a gallon, full serv was $1.40 and up a gallon. They paid $.40 a gallon just to not pump it. THEY WILL TODAY, too. The amount of disposable money people have is crazy.
I almost bought a gas station back when I dropped out of kollege. Instead I went to law skool. Shoulda kept the gas station.
@@notmyname3883 Wow! I never woulda' thunk up that idea. If it's below 40°, Not only would I pay a higher rate for full service so I don't have to stand out in the cold, I would gladly _Tip_ the attendant as well. I would feel more comfortable having a uniformed attendant take my contactless payment method, than have to touch *anything* on or near that gas pump. Using the tech, as you point out, while I'm waiting, I could order up a soda and a bag of chips from the stations 'Quick-Mart' menu on my phone, and have it brought to me.
I know This concept works as over a Discount Tires, they have full-service area to give free air for a cars tires. The attendant checks all tires for proper pressure, inflates any that are low, and checks the tread wear. Any car made in the past 15 years has an alert on the dash if it senses low tire pressure - and _Nobody_ wants to put coins in some self-serve air vending machine, drag a dirty hose around the car in a hurry before the timer ends, get on ones knees, and unscrewing caps.
Brilliant idea Mr. Legal Eagle who shoulda been a Petrol Prince!
@@notmyname3883 Should have learned how to SPELL you silly person
Haven't been inside Best buy in well over 10 years. Poor customer service and not price competitive. Anyone see a similar situation as Kmart?
Most companies have horrible customer service
Kmart went belly-up due to competition from Wal Mart. Best Buy (like Circuit City, Borders, Toys “R” Us, J. Crew, and countless others - large and small) can not compete with Amazon.
@@Livinginpeace1 Maximize profits. Screw the customer.
@@Livinginpeace1 Not just the service - they have no knowledge about the products they are selling - like the teenage girl at the auto parts store.
@@Livinginpeace1 customer service is going to get worse. Most young people under 30 have no work ethic, don’t care, can’t put the cell phone down, don’t want to work, often don’t even show up or show up when they want to. 😂 I work with a bunch a 18 to 20 something’s. It’s sad. I don’t know what future they will have.
Just going to Lowes the other day to check blackstones...nobody to help...no inventory...5 people looking at same 36 in model...store is so dimly lit. Ughhh just sends shivers down my back by lack of CS
Ya gotta feel for em. They can't hire wahmen cause they're an HR nightmare. Plus they don't know shit. They can't hire GenZ or whatever these young punks are called cause they just won't work. They can't pay us old White guys cause, patriarchy.
They can't hire trannies cause all they do is prance around showing off all day. No work gets done.
What's an employer to do?
The ones in Chitcago are MOVING OUT, as they shout. Louis Rossman has a good youtube channel on the literal COLLAPSE of NYC, too.
It's a nightmare all around.
I know your pain. I drove to Home Depot, Lowe’s and harbor freight to get some taps and could not find any. A worker said it’s all gets stolen and they can’t keep up with refilling shelves
Stay calm & carry on. Most importantly buy American! From American based businesses to empower the US economy. Especially big ticket items that are built in US by US companies that invest here & keep profits here (in US). Its more important then ever before.
I wish more people would follow your advice !
My local Bestbuy is so mismanaged, it's probably better to put them out of their misery.
Lol 😂 😅😂😅🎉🎉🎉
for years best buy has been my amazon showroom
The sun is setting on retail chains and shopping malls.
...and civil rights, capitalism, and private property.
As what was pre-planned to be.
Maybe we just don't like each other anymore? All of those places require dealing with other people.
@@TheUnholyPosole and fresh air, and real food.
It wasn't this bad in 2008. Toward the end he mentions "as we slip into a recession " But I think a depression is more accurate.
With today's people and how we act there will be no peace between people and we will act like animals it will be very difficult for the women and children it will be time of big injustice in bad stat6 people will be we never went to bed hungry
It was way worse in 2008- at least from what we've seen so far.
When did we ever get out of the last one?
Best buy is like a warehouse nothing on the floor and the staff was maybe two or three around somewhere.
CompUSA, circuit city used to be great stores.
The job losses are staggering. I'm so glad I'm retired, and now live in Central America! Lower cost of living, healthier environment, and cheap healthcare!
take me with you.
...yeah, except you're in central America.
I meant your home...lol
We’re u at
The problem is inflation, rising housing costs, online technology, and stagnant wages! The shrinking middle class etc. The US has too many social problems now. It's a hot mess!
Customer service has dropped and they barely have inventory. What is the point of a store if you dont have products to test and sell
So, why don't they lock the doors and stay open as online ordering with curbside pickup or delivery only? No customers or shoplifters inside.
Upcoming recession ? Shit we have been in a recession for months ! Shrinkflation is now squashing the products we purchase, pay more for less product and quality of many products has deteriorated. Inflation has hit all products. Most of us are also seeing less variety of products, where in the past we had a choice of 5 brands of a item, now only 2 brands. Eliminating less costly products forcing us to purchase the higher costing one. Here on the Oregon Coast one gallon of milk is now $4 and rising. I do believe the perfect STORM (SHTF) started months ago. Keep your waders on folks! We have two choices, sink ...or swim like a Olympian doing the breaststroke. People will get desperate and do most anything to feed their families. Be Safe
I'm surprised best buy had lasted this long
It had decent exposure to great admin. Now, its slowly going away that cohesiveness as society slowly breaks down and also the cost of doing old fashioned business declines the value of said business.
Puck em...bring back Circuit City !
Well Americans did that when they helped Biden and democRATS to be elected. What else different USA could expect from incompetents and corrupts? You get what you plant
Best Buy had 938 stores in 2021 - 1043 as of April 2023. Who expands their business in the midst of an economic downturn?
The real question is who shops at BestBuy???
All of us have noticed the disappearing customer service in stores the past few years. It will only worsen.
Yep, seems like smajor cognitive dissonance on the part of the higher-ups. They don't seem to get that if they trim down the customer service to barely any crew, customers are annoyed. Employees are stressed out then too, and may just say eff it and quit
Just bought a desktop pc from Best Buy. Great price, and service. Even helped me post sale with an operator error issue.
So long as eBay, Amazon, Newegg, and AliExpress exist...
I can honestly go the rest of my life without setting foot in a brick and mortar retail store.
... that's exactly what they want.
Customer service and the ability to custom order products will eventually go away.
My problem with brick and mortar stores is that when I want to support small business their shelves are usually all bare -maybe from theft? Or maybe from lack of demand? I wear size small or medium in shirts so when I go to stores they usually only have size large, x large or XX large. Then same when I go to another location. Waste all this gas trying to support stores.
@@jamieglasson2644 Beyond clothing stores hobbyist shops like high-end audio, aquarium supplies and pet stores are a good place to purchase items on the self or custom ordered and after purchase the customer service which is provided.
Why
Pay retail prices? Bye bye with the overpriced tech!! I need selection at a lower price without dealing with unsafe areas
Perhaps in the not-too-distant future the only "Best Buy" available to many millions will be ............................................................. S O Y L E N T G R E E N
yummy, odd but true fact, the US Miliary has secret chicken farms they use for vaccines etc. Funny think around that same time frame McDonalds came up with Chicken Nuggets. I guess a way to sell those chickens when the experiments were done;)
They dont know it yet, the shoppers are 'dead man walking' so why keep the light on. Lots of business coming your way, Todd
I liked shopping there in the early 2000s, store traffic has definitely died off today compared to then ...sometimes I find it annoying when they swarm me as soon as I walk in the door .... I dont think having amazon as the only choice is a good thing, plus all that local tax revenue being reduced by store closings
I think a lot of the issues retail stores have are self inflicted. Mainly they’re still thinking like it’s the 1960s. Trying to target the youth. That worked in the 60s because most people graduated high school and got a decent paying job in manufacturing and had money to spend. Starting in the 80s as that started going away. Most at that point went to college and had a huge debt to pay off before they could have discretionary money to spend. They need to target the segment of the population that has discretionary income to spend and not on people who don’t.
Well said. Good point.
Lack of knowledge by employees is like they just showed up for a pay check
Why blame the employees when it's Management's job to train them furthermore why is management hiring people that don't really know anything about electronics but at the same time why is there no actual training why is there no real education they don't really need to know super in depth things throw them a couple of fucking pamphlets about that said computer that is supposed to be the hot item this month let them read through it maybe take a little quiz they could do this frankly for most models on the floor you see the companies have zero effort because well the executives only showed up for a paycheck but it's not just the guy on the floor why does everybody want to shit on the low level employee?
Why do people do that all because they're young and let is that what this is, is a age dick wag?
I remember back when games like Guitar Hero and Rock Band were popular and Best Buy thought they could capitalize on that by opening small musical gear sections in their stores. I'm sure they thought they'd have success at putting music instrument stores out of business, much like they did with music and movie stores. When that plan backfired I was able to get quite a lot of musical gear it's steeply discounted prices when they had to clear it all out. Other than that I had stopped shopping at Best Buy since I learned they weren't training employees on product knowledge but instead just on how to sell extended warranties.
No lie, i went into a best buy once and the employees were led by some thug like character and i was approached by about 10 of them like a gang led by the gang leader and they accused me of stealing and asked to look inside my laptop bag. I refused and called the police to come and check my laptop bag themselves. The police came and i filed a police report against them for surrounding me and bullying me. Never went back to best buy after that.
Good for you that store totally sucks.
Why would you bring your laptop bag into a BestBuy in the first place?
@@MisterMonsterMan because i was coming back from university and i didn't own a car i bussed.
So if you have 77 inch tv to return or perhaps a washing machine or fridge, How ?
They will probably have a way for you to return it online 😅😂
insurance.
Actually many businesses have also gone to the option of online purchases and I think they are finding out it's much cheaper to operate regional warehouses to process and ship orders than it is multiple retail outlets which involves more employees, commercial store cost such as leasing and utilities at a bunch of separate locations.
Not to mention the shoplifting aspect which will be basically eliminated with no customers in the distribution warehouse.
I know I have ordered things online from Best Buy and Walmart and Sam's Club even though all have physical stores only a few miles from my location as I do not have to fool with going in the store, finding what I want and then dealing with checking out.
Fry's Electronics closed down around Feb 21, 2021, and now Best Buys. If this isn't a sign of a collapsing economy then I don't know what is?
They should have kept the cds and DVDs. I used to spend so much time browsing.
Nobody listens to CD's anymore.
They stream music now. I use my phone to stream music to the Bluetooth in my car.
@@289cobra9 I feel like I'm fucking crazy but nobody should be using a phone or some sort of touchscreen while in the driver's seat
@@sapincher
I mount it when listening to music and don't touch it. But I see people looking at and using their phone while driving 🤦
@@289cobra9 I still buy CDs. I digitize them into DRM-free MP3s. I do much the same with DVDs, turning them into DRM-free MP4s I can watch on my Roku like my own personal free channel (well, aside from the $150 8TB external Hard Drive and the $100 Roku, but that's a 1-time payment thing). I like owning my videos and music without any troublesome DRM nonsense, and CDs and DVDs give me that. Streaming doesn't often carry all the music I like, and it NEVER carries all the shows I want to watch, either.
Cue Netflix closing their DVD rental business.
In other words, Americans are starting to learn how to live frugally and within their means. They should have been doing that all along any way, because America is not really a "wealthy" country, despite the propaganda about our country's economic performance and standard of living.
This is what happens when you overbuild. Maybe not enough foot traffic. Plus, most folks nowadays, are shopping from their phones electronically. This is just the nature of business. Life is constant change. Sometimes you gotta roll with the changes.
I went to Staples to buy some printer ink the other day. I bought it but it was $10 more than Amazon. And no one was in the store besides the employees. If they can't compete with Amazon I don't see how they can stay in business.
I went in to Staples to get some self-serve copies. Know how much they charge for copies that are supposed to be 8-10 cents? $.28 apiece! B&W.
I was also looking to buy a laser printer. Know how many laser printers they had on the shelf? LIke, FIVE. Used to buy a new laser printer every year. When they were $69 to $89. Now they're $400 to $500 and you have to sign up for a monthly toner subscription or some bullshit like that. I'm gonna start using quill and ink again.
@@notmyname3883 I went epson with the ink tanks. A little more expensive at the start but more than makes up with the cost of new or refill cartridges. Never have any issue with dirty or dry cartridges. Best printer I have had. And that’s from a household with college and high school kids.
Office Depot same thing...
We should all hope that food stores stay in business because their margins for profit are slim & people are stealing everything now.
@@notmyname3883 Jesus, every year, what brand have you been buying, HP? I bought a Brother DCP-L2540DW that has lasted me about 8 drums, 20 toners, and about 20k sheets in an extremely dusty environment for the past 6 years. It is the only printer I've ever loved. Its lower paper drawer starter giving out, so I bought a used drawer on eBay. Meanwhile, I have a color HP laserjet that has lasted two years before a firmware update literally bricked it.
And quill, man, that company sucks. They called me up one day saying they had a special deal on boxes of paper. They ended up sending me 4 boxes of 4 reams of paper for $29.95 each. In the same order I asked them to send me 2 packages of Pilot Precise V-5 pens and they sent me 12 Pilot P-500 pens. Despite my irateness, they still call me back.
We can all rest easy knowing the billionaire class will be safe, with those investments in food processing monopolies & massive rental corporations etc stripping every loose nickel from the average Joe
Taking all the wealth from every Billionaire and Millionaire in the U.S. would not fund the U.S. Government for a year.
Grow up, get a job, invest and grow your wealth instead of complaining.
@@greg6235 Oh, get off your high horse. Where in the comment you responded to is any reference to the ability of the rich to fund the U.S. government?
Not the company's fault. It's all because of Biden and teh Democrats destroying the American economy since day 1.
@@DavidSmith-fr1uz Simply pointing out that "the rich" don't have the assets you think they do. The top 1/5 of U.S. taxpayers already pay 90% of all income tax.
@@greg6235 Still on your high horse I see.
Bought a computer from best buy online. Nowhere in the contract was it stated I was buying a refurbished.
It also stated accessories and hardware never received ie. Wireless charger on the top of tower, a video card designed for consoles...
It baffled every person in my stream when I discovered 12gb of ram. That's 1x8gb card and 1x4gb card.
Yes... if you k own ram, you'll notice I ACTUALLY had 8gb of ram....
I was supposed to get 32....
It was the middle of the pandemic. Stores were closed, and my previous MB crashed hard, and I needed something to stream on.
Cost me $1500...
I got a 1650gtx HALF CARD and a 256gb m.2 SSD.
That was it.
Will NEVER buy from best buy.
I miss Future Shop
Best Buy doesn't lose customers because of customer service or lack of knowledgeable people on the floor....I am curious though why Best Buy thinks someone should buy a product that can be found cheaper elsewhere? To top it off the return policy is crap. Something like 15 days then it has to be dealt with the manufacturer. Seroiusly, why can't you warranty the crap you sell for more than 15 days? Why should I be inconvienenced to deal with the manufacturer after 15 days? After a year I could understand. And for pricing, why should I pay a massive mark-up?
It just amazes me how many stores continue to failure and they say things like "I just don't understand" or "We just don't get the customers like we use to" well the list goes on.... Look no further than high price mark-ups, poor customer service, poor return policies (I especially love it when I try to return something to a retailer and they look at me like I'm the criminal or trying to rip them off).
Sorry but Amazon is a 100% better for pricing, customer services, returns, loyalty programs with the credit card and fast delivery.
I remember Circuit City closed in 2004 in Atlanta, Ga and I thought Best Buy would last forever now I realize nothing is forever!!
Death and taxes.
Best buy closing in Chicago and San Frantroitco ?
So if best buy closes altogether, will I owe them money for a credit card bill still, not that I'm trying to avoid it, bit if trying to pay, wouldn't that money just be stuck in server?
You owe the credit card company, not Best Buy, LOL
Really buddy, you aren't old enough to have learned that the creditors owed by the customers always get paid?
y wood u pay it anyway chap 7 u owe none f em
I TRIED to buy a dishwasher. Their install was no call, no show. Bought from Lowes, finally and got my money back.
Same reason Walmart is closing stores in Chicago
REI lays off 8% of HQ workers to hedge against ‘increasing uncertainty’
Seattle Times March 2023
Best Buy had an adversarial relationship with it's customers. I worked in the Geek Squad where they sold very poor services (optimizing computers? LOL) to customers while recommending unnecessary software "upgrades" they couldn't afford. Then when customers try to return something, they are met with belligerent managers who refuse the return. When Best Buy meets it's inevitable end, it will be it's own fault for several reasons - obsolescence, and terrible customer service being the primary ones.
This is why brick and mortar stores or shops dedicated to a specific hobby like audio/video aquarium supplies and gardening are better in general to purchase from.
I returned something to Best Buy and they charged me a 15% restocking fee. That sucked! I still lost money!
@@reach4thestars67 Restocking fees were a common thing in the mail order world, if someone returned a non defected item then a 10 to thirty percent restocking fee was added to the returned item.
I used gopuff back in 2016 or 2017. When does a startup become not a startup?
As it seems it's now legal for large crowds to walk into stores and help themselves to whatever they want, is it any wonder that store owners are giving up and just closing down all over America?
Walk into the capitol and make off with the presidency. ;-)
Too much theft going on in all the stores and it seems nothing can be done about it.
Damn it’s the American Geed Guy
Best Buy went lazy when they left control to the individual stores years ago. Their Customer Service tanked.
they needed to "save money" and original owners are probably long gone.
They'll be going the same route as radio shack, circuit city, nobody beats the wiz, etc. pretty soon. They're literally hanging on by a thread.
there will be new things
U are doing a good job we need to here this.
Fry's Electronics ( was headquartered in San Jose, California ) is dearly missed after the closure of all their locations from east to west.
I live outside Boston and I missed going there 😢.
I was just thinking of Fry's Las Vegas location. It was a big facility. Only lasted 5yrs..
We had one in fishers… it was dated.. I knew it was a matter of time
@@tiphannyk Fry's SLOWLY and CAUTIOUSLY expanded eastward. Fishers, IN was one of the first locations. Never heard of Fishers until then.
I had never heard of fry's until I needed a canon charger and Amazon didn't have any in stock and I personally thought the inside of the store was so cool. It was absolutely massive with some crazy looking displays and then it closed at month later😅
It’s called the Retail Rot ! Americans are struggling to pay bills and foot just food and groceries expenses.
Bring back radio shack !
Most of the electronic parts were either made or assembled in China there are no goods coming from China and this is affecting the bottom line of a lot of these stores
Well to be honest I've been wondering for about a decade as to how they're still really in business! So it's no real surprise to me!
Considering what happened to circuit city it's very amazing.
@@brodriguez11000 nope circuit city was not only debt but bad investments, their portfolio was filled with junk. Those are the real reasons they went under!
Best buy much like staples still thinks people want to buy a $40 dollar cordless phone for the house landline!
Best buy also thinks people want to buy physical media that along is a .25 to 33% of the store of course there's the rinky dink appliance department.
Yeah, they're crap they also have massive debts of course there's the income deficiency across the population to add.
I think the explosion of electronic growth back in the 90s and early 2000s has caught up with the economy even big TVs and the cell phone market is in a death spiral because of a flooded market and people not spending as much on technology because of high inflation gas and groceries are priorities but electronics are not and after buying gas for your car and groceries to eat there is not enough left over to splurge on electronic purchases
Let me start off by saying I love Best buy, the only reason they lasted this long is circuit City when I business over 10 years, that was there biggest competitor in the brick and mortar realm😮
Frys Electronics too
😂 they've been ripping you off for a while.😂 I'm sorry.
Remember Radio Shack. I got my first Stereo with my own money. I was a teenager. Thing of the past. 😟
Amazon is the one putting them all out of business.
@Joe If amazon is also down, then it's truly bad indeed.
Best Buy lost my loyalty years ago
They lost me too. Horrible customer service. Havent been there in YEARS
@@cherylperkins7538 agreed.
Food , health and shelter high priority.
Great, first circuit city, than Fry's electronics and now Best buy. We will be forced to shop online.
Its all in the PLAN
I know.. not to mention all the package thefts going on. I like going to a store to pick up my product. Not having to stress when a package is sent. Too many low life drug addicts following delivery trucks while people are hard at work 😑
Give widened another 4 years they'll be nothing left
we went there recently to buy a TV. it was one we found on line they said was at the store so we went. There was not very much in the store now that they don't sell CD's and nobody working there . We waited forever for help and when we got it they too get 3 people to go in the back somewhere and dig around for this TV they liked to never had found it . Just terrible service.
Maybe they just couldn't unnerstant a frucking word you said?
"they liked to never had found it"
WHaFUUCK dat mean? Is that ENGLISH?
Best Buy lost a lot of Business when they stopped selling dvd and music cds that’s the only things. People can afford at Best Buy
One area of retail that's holding-up well is Radio Control ( RC ) aircraft, electronics, accessories, and supplies. Drones is what they are wrongly referred to. This nich retail sector quickly moved to online sales and couldn't be overtaken by amazon. The knowledge base required for this nich sector is quite special.
Quadcopter
Tower Hobbies ( now owned by Horizon Hobby - Champaign, IL ) has been around since the early 1970's and is still doing well today, now with its online presence since the mid 1990's. Before then; it was mail-order.
Just like a hell of a lot of retailers really you know a lot of retailers had catalogs and was mail order which is basically the same thing the difference is you're looking at an electronic device and interactive interface whereas previously you had to physically look through a catalog and then perhaps somewhere in the 70s through the 90s you use the telephone to place your order but of course the mid to late 90s they switch to the computer of course not everyone had computers so the catalogs stuck around for a while but yeah I can remember when Sears in the gang moved the catalog online and fact if you went to their website in the late 90s if you wanted to order online at that time you went to the tab that clearly said catalog.
Yeah finally someone else with some fucking sense because I've said for pretty much a decade now that these companies were not killed by the internet to blame the internet is fucking stupid simply because well they've all had a website for at least 24 years though I know that there was companies that had websites closer to 30 years ago The Internet is not A New concept pointing and clicking is not new so last decade when they wanted to blame the Internet it's bullshit it was an excuse thrown to stupid people that will overlook logic.
The truth is internet retail sales only make up 8 to 10% of all retail sales at any given time.
Meaning 90 plus percent of all retail sales still actually happen within the brick and mortar to environment the only reason that there's a downturn and has been a big downturn is simply because of an income deficiency across the population coupled with the fact that most of these companies in fact all of them at this point have mass amounts of debt!
The competition in retail is just too much. I prefer Costco, Amazon or Home Depot for most everything.
Nordstrom is actually closing their stores in Canada. NOT THE US.
First circuit city, then HHGregg and FRYS... where will we go to shop if they close BestBuys?
... apparently Amazon
You guessed it ... amazon ... the one putting them all out of business.
I said goodbye to my local Best Buy about 5 years ago, customers were pleased to see it open about 5 yrs previous.
Since I dropped my Amazon prime membership last year(couldn’t take the 7-14 day delivery times). I started shopping more locally again. Went into the local Best Buy and yes, I can see one of the reasons. At least at this location. Lack of variety and inventory. Left empty handed.
That is what my Best Buy is like...lots of empty shelves with nothing in stock to purchase.
I dropped my Prime membership because I found out prices listed were actually higher than for Prime members than for non-prime.
7-10 day delivery times? Really? i usually get my stuff in two days, and maybe next day.
@@gmvalentine626 yes, you are probably using a residential address. I started full time RV’ing(when fast deliveries would be very helpful). Using Post Offices, lockers, or pick up locations. As soon as you switch from a residential address to a non resident on average they wouldn’t even ship until 6-7 days after the order.
2-3 day delivery to my daughters address, then put the Post Office that delivers her mail instead? Yes, 7-10 days or more. That Prime 2-3 day delivery to lockers and pickup locations? Very rarely in my cases. I got one that shipped on day 14, the day I was supposed to get it. I couldn’t be there to pick it up from the locker.
Will everyone soon start ordering online and have everything delivered via UPS to your porch?
Best Buy been solid. I still shop there.
In today's retail landscape, it's astonishing to observe Best Buy's continued operation of brick-and-mortar stores. With the emergence of online shopping, major retailers like Best Buy have gradually become outdated and consequently, have been losing relevance over the years.
When I can buy the best TV I've ever owned, the best computer I've ever owned, and even some of the best furniture I've ever owned, then why would I want to sit in traffic trying to get to the best buy where they may or may not price match you, most of the stores are out of stock of what you want, and that one location that has what you want is always 30 minutes away bare minimum?
Best Buy should be dedicating part of their floor plan to arcade games. This will drive customers from all demographics to the store, and spending more money per trip/ visit.
That's what they did before. When Nintendo 64 was released i remember they had several systems in the center of the store and you could play Mario 64 on it, and this was a major draw for people to the stores.
The last time I visited a Best Buy I purchased "Mortal Kombat: Shaolin Monks" in 2005.
How can I shop with no money all my money going to rent and car payments
Holy bat shit Batman! 😶
👼👼👼🦇🦇🦇💩💩💩🦇🦇🦇👨👨 👨
The reasons these mega companies give for their failing businesses is so comical...They are either flat out lying or are delusional
had better customer service and shopping experiences in yard sales compared to trash buy.
In my area my best buy never has anything on the shelf like fry's that is why they are not doing well
its obvious if you've been in one. they're practically empty and getting any help is impossible. freaking worthless.
Got a email from Netflix today informing customers that they are ending their DVD home delivery service in September. DVD service no longer profitable for them. Been getting DVD's from Netflix since 2004. Guess it's time to figure out the streaming thing. Another old school enjoyment thing bites the dust.
I don’t use dvds anymore but I do feel your pain . I prefer the oldschool way over this new way of life .
Go to your local flea market you can buy all the DVDs you want cheap !!!!😃😃😃
My local library has dvd/blue ray collections and are up to date. Maybe yours does too
21st Century, grandpa. Deal with it.
Seriously?! I just cancelled my steaming service because 90% of what I want to see is disc only.
I bought my big screen TV and had them install. This is crazy
I wouldn’t go over 50 inches when it comes to tvs I’m fine with my 42 inch lg
If anyone can take anything from any of this is that no one needs any type of government.
✌🏽✌🏽✌🏽
Walked in to Best Buy and was approached by a man wearing a dress that worked there wanting to know if he could help me. Will never go there again.
Sad, it was always fun to see all the craziness at the Black Friday sales. I remember when people would stand in line over night to get a supercheap flat screen tv, now days, people give away free working tv's on Graigslist.
Practically giving them away i seen a 70 inch 4K tv in like new condition for $100. Its been on marketplace for at least a couple weeks people just do not have the money anymore.
@@childofgod884 oversupply underdemand.
Interesting. Walmart and now Best Buy closing stores. Economy is not looking good folks if this is happening. We shall see what the rest of 2023 brings with Retail stores.
I have done some shopping in a Best Buy recently, just to save some shipping costs through online venues. Not a major expense, but something I needed.
Walmart is only closing stores in high shoplifting crime areas in order to limit shrinkage.
@Joe I think the shit will start hitting the fan in earnest by the end of this year. Be prepared.
Good riddance to Best Buy! The only good in store purchases were going into the store, knowing what I want, get in and get out. White socks and black shoes does not make one a GEEK. I have cleaned up many messes they have made. All my online Best Buy purchases have been a disaster. Without stellar customer service retailers will have to have Amazon prices to compete.
Best Buy was terrible 10 years ago....the only reason they are still in business is because of corruption....
Let them collapse.. People are tired of inflated prices!!!
I needed a new PC and had thought about best Buy, but decided to buy directly from HP.
From what I see in the Comments, I made a good decision.
This happened to Circuit City many years back....
For Best Buy, I'm getting deja vu to when Fretter was on its last legs.
(Added) I was at the Disney Store in NYC this past summer. For this two-story store, only one floor was being used. The inventory was pretty disappointing, as if I had been transported to Disney's version of KAYBEE Toys.
I've read that Walmart's biggest problem is theft. Retail theft costs stores millions of dollars each year. Additionally, at Target and Walmart, there's a growing trend for people to pry off the heads of toys. That amounts to a bunch of inventory that retailers can't sell, and can't off-load to discount stores.
Their checkout is contributing to that. They *never* have all of the self-checkout lanes open; customers have to wait until they get to the head of the line to see if the self checkouts are cash or card. I have seen people get really frustrated and end up just taking the groceries. At two of my stores, the self checkouts have been 'improved' so that they don't have enough room to place the groceries and bag them in the bagging area. Instead, I have to bag one or two bags, put them in the cart, bag another bag or two, put them in the cart, etc. It is difficult to do and sometimes items get missed.
Disney seems to be determined to self-destruct.
Their brand is tainted. The dream is more nightmarish. They got carried away with greed. 😏