Store closed: Best Buy shocks Centennial Colorado
By Jim Lawson on March 10, 2024
Store closed: Best Buy shocks Centennial
Since its establishment in 2008, the Best Buy store has been a staple in the Centennial community for over a decade. The electronics store is the latest business to leave the bustling SouthGlenn shopping mall, following the departures of major retailers such as Macy’s and Sears. Not only did the Centennial Best Buy close down recently, but other stores in the chain also shut their doors, indicating a wider trend of closures.
The Streets at SouthGlenn has undergone significant transformations in recent years, with the closure of Sears in late 2018 and Macy’s in 2022. In response to these changes, Centennial city leaders approved an increase in residential units while decreasing retail space in the area in late 2021.
Currently, most of the retail and office spaces in the shopping center are owned by Alberta and are being offered for sale, managed by CBRE. According to their marketing materials, 72 percent of the space is already occupied, with key tenants like Whole Foods and Regal Cinemas.
Furthermore, the former Macy’s location is now set for a multifamily development project and is open for acquisition. In early March, several other Best Buy stores across the country permanently closed their doors. These closures are part of a larger trend, as company executives had previously announced intentions to shut down between 15 and 20 stores.
Best Buy CEO Corie Barry outlined a new strategy in a recent earnings call. Barry explained that Best Buy is actively closing its traditional stores, a decision based on thorough evaluations as store leases come up for renewal. “This year, we’ve closed 24 stores, and over the past five years, we’ve shut down around 100 stores, marking a 10% decrease in our store count. We anticipate closing about 15-20 stores annually in the foreseeable future,” Barry stated.
