Massive Electronic Retail Chain Closing More Stores in 2025: Any in NY?

A retail chain that once dominated the electronics scene is shrinking once again.

This year has been a mixed bag for national retail chains, with some companies like LL Flooring and Bob's Stores going out of business entirely.

Meanwhile, chains like Big Lots and Applebee's dramatically scaled back their portfolios in an effort to stay afloat. This restructuring forced the closure of many New York stores.

On the bright side, some major chains that underwent heavy losses managed to survive and recently emerged from bankruptcy.

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Now the pendulum is swinging in the other direction for a massive chain that holds fond memories for many people.

Best Buy was once the place to shop at because it sold brand-name electronics, the latest computers, new gadgets, and its Geek Squad could fix practically anything without breaking the bank.

Unfortunately, with the rise of online shopping and consumers caring less about brand name items, the once mega retailer is seeing the beginnings of a crisis.

From its peak of 1,779 stores globally in 2013, Best Buy is now seeing an ever-rising number of closures due to consistent lukewarm earnings.

The chain is also grappling with increasingly expensive lease renewals, which is also amplifying pressure to make cost-cutting decisions.

The retailer announced earlier this year that it would close 24 locations nationwide. One of the affected stores was in Northport, New York.

The chain currently has 53 stores left in the Empire State and the number could shrink even more based off the latest quarterly earnings call from Chief Financial Officer Matt Bilunas.

The CFO had said that despite significant layoffs and closures to offset any financial losses, the chain saw sales drop another 2.3% in the second quarter.

During that call, Bilunas said the company intends to close up to 15 more stores in 2025 but neglected to identify which stores are most at-risk of shuttering; so it is unknown if the Best Buys in New Hartford, Ithaca, and Dewitt are in danger.

What we do know is the CFO mentioned that a team will conduct a "rigorous review of stores as their leases come up for renewal." It is possible New York's high rental and leasing prices could be a factor in their decision making.

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It was also said during the call Best Buy would shift its focus away from its larger stores and instead work on opening smaller locations.

It seems the chain is looking at revising its business model and move it away from what Best Buy used to be known for: stores filled with practically everything an electronic junkie would desire.

During the latest earnings call, Bilunas hinted the company's focus is now on constructing smaller stores with a more contemporary layout. These stores will seemingly open in new markets and not in areas where Best Buy is already established.

The current fiscal quarter ends September 30 and we will learn how Best Buy's profits have fared over the past 3 months.

Should the chain continue seeing a negative trend, it is likely more locations will be marked for closure in the near future.

Do you think the end of the specialized retail chain is coming to an end? Share your predictions with us via our station app's chat feature.

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