Best Buy will open its first new store in the United State in the last seven years. The electronics chain based in Richfield, Minnesota is opening a store of 36,000 square feet in a lifestyle center known as Station Park in a suburb located to the north of Salt Lake City.
The store will open in the fall and is located where the closest Best Buy store is over 15 miles away.
A spokesperson for Best Buy said that the company was very excited about opening its first brand new location in seven years inside a shopping center that is highly popular and in a growing area around Salt Lake market.
The spokesperson would not release any details about whether there would be any more new stores and if so, how many more new ones the consumer electronics giant has in its pipeline.
While it does not appear that it is the beginning of a substantial trend for the company, it is very notable that the consumer electronics retailer remains open to and looking for opportunities for new stores since it successfully emerged from its turnaround.
Some skeptics have thought that Best Buy did not have a chance to survive the onslaught of Amazon. Best Buy not only was successful in doing so, but it just reported its best quarter during the holiday in the past 14 years with same-stores souring by an incredible 9%.
However the big picture for Best Buy and the entire retail industry is the downsizing of overall stores as consumers continue shopping more and more online.
Best Buy plans to close the rest of its 250 mobile phone locations across the U.S. over the coming months. The small stores which were already closing with dozens closed over the last few years are mostly in shopping malls and are only a small fraction of the size of one of the company’s big-box locations.
The retailer has also been closing close to a dozen or more of its bigger stores each year. At last count, in 2017 it had closed 18. During 2016 it closed 11 and in 2015 it shuttered 13.
Presently Best Buy has just over 1,000 locations across the U.S.
Best Buy has invested in the stores that will remain through setting up shops in-store to showcase its largest vendors like Sony and Samsung. It also uses stores to ship orders made online to customers.