Best Buy today announced plans to shift away from its traditional big box strategy. In a move to prop up its sales and earnings and to better position itself against e-tailers such as Amazon, the company said it will decrease its big-box footage by as much as 10 percent over the next three to five years.
At the same time it is shrinking its large store footprint, the company will be aggressively growing its specialized, smaller Best Buy Mobile stores that offer smartphones and accessories. In the next five years, the company hopes to open 600 to 800 such stores.
The company made its business on selling computers and appliances but has increasingly faced a shift away from larger devices as mobile has taken over. Last year, it acknowledged that iPads were gutting netbook sales as many opted for the unique tablet design over what was effectively a low-priced notebook.
