Shoppers in Carmel Mountain, California, have only weeks left to visit their local Best Buy, as the retailer plans to permanently close the store at the Courtyard at Carmel Mt. Ranch on February 28, 2024. This decision follows the company’s strategy to explore new retail formats that could transform the shopping experience across its locations. The closure will impact approximately 45 employees, with Best Buy stating it will not renew the lease for the 37,400 square-foot store.
A company spokesperson confirmed that Best Buy is committed to assisting affected workers in finding new employment opportunities. Customers are encouraged to visit other nearby Best Buy stores or shop online at BestBuy.com and through the Best Buy app. The nearest alternative location is approximately six miles away at 9540 Mira Mesa Blvd.
Strategic Shift in Retail Formats
The closure of the Carmel Mountain store coincides with remarks made by Best Buy’s CEO, Corie Barry, regarding a broader reconfiguration of the company’s retail strategy. During a call with investors in November, Barry indicated that Best Buy is shifting its focus towards smaller store formats, expected to be implemented by 2026. “We do have some cohort of stores where they’re a little bit larger than what we need,” Barry stated, noting that the company is considering various strategies, including relocations and resizing existing stores.
The current leasing brochure for the shopping center suggests a potential redevelopment of the existing building, aiming to create a community hub at the location.
Best Buy is also emphasizing a more interactive shopping experience as part of its evolution. The retailer is exploring partnerships with brands like IKEA for in-store pilots and hosting “branded expert events” with companies such as Breville and SharkNinja. Barry highlighted the importance of appealing to younger consumers, particularly those from Generation Z, who are increasingly valuing the in-store experience.
Positive Sales Trends Amid Changes
Despite the impending closure, Best Buy reported a 2.7% year-over-year increase in comparable sales for the third quarter. Barry expressed optimism about the company’s performance, stating, “We are pleased to report better-than-expected sales and adjusted operating income rate for the third quarter.” The positive sales figures indicate that the company’s strategies may be resonating with customers.
As Best Buy looks ahead to 2026, shoppers can expect further changes, including the introduction of smaller-footprint stores in emerging markets and larger, experience-driven locations in urban areas. These developments are part of the company’s ongoing effort to adapt to evolving consumer preferences and enhance its retail offerings.