In the latest exodus from the mall, Best Buy announced it is closing all 250 of its smaller format, mall-based stores. The locations sell mobile phones, device and accessories.
Best Buy entered the small-scale mall business in 2006 riding the smartphone craze, capitalizing on still relevant mall foot traffic and high demand for mobile devices. At the time of the format launch Best Buy announced plans to open as many as 800 of the stores, but was never able to make good on its aggressive expansion goals. Currently the small-format store represent around 1% of Best Buy’s revenue.