Massive Retail Chain with 23 MA Locations Sees Slumping Sales

One store where I enjoyed purchasing stereo equipment, computers, CDs, and DVDs when I was younger was Best Buy. It was exciting to check out all of the new titles as many movie and music discs were cheaper than some of the rival stores of the time. It was convenient for me to shop at Best Buy as there was a nearby location at the Berkshire Mall in Lanesborough. Of course, that store has been history for quite a few years.

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Big Electronic Purchases Isn't a Top Priority for Many These Days 

I don't go to Best Buy as much nowadays as the closest location to me in Massachusetts is Holyoke (inside the mall) and I don't get out that way very often. Plus, as is the case with many people, purchasing electronic goods isn't very high on my priority list. As inflation is still a real issue, I'm more focused on taking care of purchasing the everyday necessities.

Best Buy's Sales Continue to Struggle

The reality of people not having extra income to spend at electronics places like Best Buy is one of the big reasons the company is struggling. Retail Dive noted Best Buy's economic troubles as the article stated the following:

The lukewarm demand for electronics has impacted Best Buy’s bottom line. In its Q1 earnings, the company said revenues fell 6.5% year over year to $8.8 billion, a decline it credited to difficult macroeconomic conditions. Comparable sales declined 6.1% for the quarter.

 

In addition, Best Buy CEO Corie Barry stated in the same article the following regarding the company's slumping sales.

Inflation is still high, mortgage rates are high, and consumer confidence scores are trending lower. This, in combination with the pull forward of tech purchases into the early years of the pandemic and lower levels of material innovation, has led to continued lower demand for higher-ticket consumer electronics and a focus on value and deals for current purchasers.

 

Will Best Buy Close Any Massachusetts Locations? 

It was noted a few months back that Best Buy would be shuttering some stores this and next year. As of this writing, there has been no word if any of the 23 Massachusetts locations will be part of the closures. Best Buy is going through a brand refresh hoping to turn the needle in the right direction. Hopefully, Massachusetts can avoid any store closures that may occur. The Massachusetts locations of Best Buy include the following:

• Bellingham
• Braintree
• Brockton
• Burlington
• Cambridge
• Danvers
• Dedham
• Dorchester
• Everett
• Framingham
• Holyoke
• Hyannis
• Leominster
• Mansfield
• Marlborough
• Milford
• Millbury
• North Attleboro
• North Dartmouth
• Plymouth
• Saugus
• Seekonk
• Watertown