Snippet: It Does Sound Like 2008 ☇

Shared on April 16, 2012

Keith Vertrees of The Smoking Projector finds Best Buy’s announcement eerily familiar:

In a statement released along side its annual earnings statement on March 29th, Circuit City stated it plans to close up to 50 superstores and focus on a smaller format store, as small as 20,000 square feet.

Wait. Did I say Circuit City? I meant Best Buy:

Best Buy’s retail store strategy is to increase points of presence, while decreasing overall square footage, for increased flexibility in a multi-channel environment. The company intends to remodel key stores with a new Connected Store format in fiscal 2013, and to continue to build out the successful Best Buy Mobile small format stores throughout the U.S. … The company expects total big box square footage in … test markets to be reduced by almost 20 percent through store downsizing and closures, while points of presence will increase by more than 20 percent.

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