It’s only one store, but the news itself is massive for the big box consumer electronics chain and the retail industry as a whole. According to several reports, Best Buy has its sights set on opening a new 36,000-square foot retail store in the Station Park commercial development in Farmington, Utah—a suburb of Salt Lake City. Slated to open this fall, the new location will represent the first store opening in seven years for the company.
Best Buy, which fell to the number-two spot on Dealerscope’s Top 101 ranking for the first time ever, has seen it’s store count slowly dwindle since peaking at just over 1,500 in 2013. Last year, the company closed 41 stores, and earlier this year announced it would close all 250 of its small-scale mobile phone stores. On the flip side, Best Buy has experienced something of a renaissance since CEO Hubert Joly took over. The turnaround that he’s helped push resulted in an impressive earnings call in February, and real proof that the company has a future in a world where Amazon exists.
Comparable sales in the most-recent quarter, which included the 2017 holiday shopping season, rose 9 percent year-over-year to $15.636 billion. What’s more, that was triple the guidance Best Buy provided heading into the quarter. And its year-end report showed 5.6 percent growth in comparable sales for the entire year —up to $42.151 billion from $39.403 billion last year.
Best Buy’s confidence that the turnaround is complete and they can start focusing on future growth couldn’t be more evident in their decision to pursue a new physical location, no matter where it is.