Best Buy Is Closing Minnesota Stores. Is South Dakota and Iowa Next?
The electronics store that opened for business in 1966 out of Richfield, Minnesota has become a magnet for shoppers who over the years have seen sweeping changes in electronics, household appliances, computers, photo supplies, cell phones, musical instruments, CDs, and more.
In its infancy Sound of Music, Inc. was just a home and car stereo store. After an ownership buyout, the name Best Buy would first appear in 1983 and quickly become a superstore.
The Sioux Falls Best Buy store is located in the Western Mall.
Over a half-century, after it opened its doors, the big box retailer expanded to more than 600 stores nationwide plus Canada.
The ever-changing buying habits of consumers have taken their toll on Best Buy's bottom line. With 70 of its stores nationwide closed over the past three years, an eye-opening statement came from the company's CEO last week.
"It plans to close 15 to 20 stores per year going forward as part of a lease review process, CEO Corie Barry said during the Richfield-based retailer's fourth-quarter earnings call."
The Minnesota locations to close include its Shokopee store. And, The Blaine store will reopen as an outlet.
It was also stated that Best Buy would remodel many of its big boxes, dedicating less of those stores to sales floors and more to backroom space to fulfill pickup of digital orders.
Best Buy locations in Temecula, California; Pflugerville, Texas; and Algonquin, Illinois, are also shuttering.
There is no word on store closings in South Dakota or Iowa.