In 2024, when it comes to brick-and-mortar electronics stores, there aren't a lot of options, particularly nationwide. Chains like Target and Walmart have sizable electronics sections, but as for dedicated electronics stores with a significant national footprint, Best Buy is where it's at for both big-ticket items and great gifts for less than $100 . However, that kind of head start isn't everything, and amidst stiff online competition, Best Buy is finding itself having to close dozens of stores.
In February 2024, on the earnings call covering the fourth quarter of its 2024 fiscal year (Best Buy doesn't use the calendar year), CFO Matt Bilunas explained some of the calculus behind that decision. "As our ongoing practice, we will continue to close existing traditional stores during our rigorous review of stores as their leases come up for renewal," Bilunas said on the call. "In fiscal '24, we closed 24 stores.
And in fiscal '25, we expect to close 10 to 15 stores." As of October 2024, the next Best Buy store closure on the docket is in Gaithersburg, Maryland. That store, located at 15750 Shady Grove Road in the city's 270 Center, will shut down on October 26, with the space available to lease effective February 1, 2025.
The nearby stores in Germantown and Rockville are, as of this writing, not set to be shuttered any time soon. (The Germantown store, in fact, is currently undergoing remodeling work.) Maryland is far from the only state affected, though, so let's look at which .