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This statistic highlights Best Buy’s Number of Stores, reported on a quarterly basis from Q1 2016 onwards.
Best Buy Corporation is a part of the Fortune 500 list and is one of the biggest consumer electronics retailers in the world. The company functions in multinational retailing that sell both product and services through its primary channels which are retail stores, online websites, and Call Centers.
The following table highlights Best Buy’s total number of stores worldwide.
|Quarters||Q1 2020||Q2 2020||Q3 2020||Q4 2020||Q1 2021||Q2 2021||Q3 2021||Q4 2021||Q2 2022|
|Total Store Count||1240||1241||1230||1231||1231||1224||1204||1231||1145|
The company has a total of 1,145 stores in operations as per the Q2 2022, it operates in almost 100 stores less than it did at the beginning of 2020. The majority of Best Buy stores are stationed in the United States. However, with the reduction in the number of stores over time, many of Best Buy’s domestic stores also decreased and dropped below 1000 in 2021. In Canada and Mexico, the total store count of the company is 164 and 4 respectively at the end of the fiscal year 2021.
During Q3 2021, the company decided to exit its operations in Mexico so all the stores were closed in Q1 2022 as a result, all the revenue from the operations in Mexico has been excluded from the comparable sales calculation of the fiscal year 2021. Apart from the corporate headquarters buildings that the company owns in Richfield, Minnesota, it also leases additional domestic (934 offices) and international (165 offices) locations to support and for carrying its business operations.
In March 2020, after the outbreak of the COVID-19 pandemic, the company closed all the stores proactively and begin to implement a contactless, curbside-only operating model and continues to offer curbside-pickup on the majority of the stores today with a limited number of customers inside the stores. There has been a fundamental shift in the channels in which the customers choose to engage with the company, this has adversely impacted the profitability of the company. For example- the company continues to pay rent for many physical stores that were closed and not generating sales. The online mix of products and services produces lower gross profit rates than in-store sales. This disruption in the supply chain, primarily due to shutdown in the locations where the products are manufactured, the company is experiencing increased costs for shipping and transportation resources.
About the Company
Best Buy Co. Inc. is a retail company specializing in the sales of electronic products. The company was founded by Richard M. Schulze in 1966 and is headquartered in Richfield, Minnesota, United States but also operates in Canada, Mexico, and China. The common stock of Best Buy is traded on the New York Stock Exchange (“NYSE”) under the ticker name “BBY”.
The company has several subsidiaries that include Geek Squad, Magnolia Audio-video, and Pacific Sales. The nature of the business is seasonal like that of many companies in the retail industry. Generally, the majority of revenues of the company are generated in Q4, which includes the holiday shopping season in U.S and Canada. The company was also named by the Forbes Magazine as ‘Company of the Year’ in the year 2004.
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