Apparently in the U.S., Best Buy, one of the largest retail electronics stores, has announced to closing down 50 of its current locations. Due to significant profit loss last year, likely by the rise of new technologies and mediums, individuals aren’t as compelled to shop at the physical stores as much as they used to. Sales of tablets, smart phones and e-readers seem to be winning out over those of televisions, cameras, and video game consoles. That’s not even to mention the competition provided by online stores such as Amazon and eBay.
Not to fear those of you who prefer to look at and buy your electronics in person! This electronics store isn’t dying as some would assume, it’s evolving. To replace the 50 stores that it closed, Best Buy is setting up 100 smaller mobile stores, cutting their costs by $800 million. Essentially, instead of having the large physical stores that carry big, bulky television sets and other technologies, these smaller stores are going to focus on smart phones and other smaller devices.
The way I see it, these large electronics stores will either need to adapt to their growing competition or eventually die trying to keep up. I don’t think physical stores in general will die off because there is always going to be those people that want to test a product out before they buy it, like myself. So there may be fewer, or different kinds, but the physical retailers will always be there. Personally, I'm fond of Best Buy. I'm glad to see it adapting.
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"Electronics is clearly the winner of the day." - John Ford
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Sources:
- http://www.usatoday.com/money/companies/earnings/story/2012-03-29/best-buy/53852802/1
I don’t think physical stores in general will die off because there is always going to be those people that want to test a product out before they buy it, like myself. So there may be fewer, or different kinds, best buy electronics
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