Best Buy has announced that it will be closing at least 50 retail stores during its Q4 conference call. The company posted mixed earnings, and will be embarking on an $800 million dollar multi-year cost reduction program that will make the company more efficient as well as better align the company with sales opportunities going forward.
In addition, Best Buy will be opening new stand-alone Best Buy Mobile locations, with the company hoping to open 100 of these this year. The company will also be deploying what they call a “Connected Store” format; this decreases square footage while focusing on customer service and multi-channel sales experiences.
Best Buy will also be enhancing its Best Buy Rewards program. The company will continue its Best Buy To Go Kiosk operations in hopes of being able to gain a foothold with this business model. They will be training and rewarding their employees for outstanding customer service as the company will also focus on this for its business model.