Back in January, Best Buy CEO Brian “Brooks and” Dunn confirmed reports that the electronics retailer would continue to shrink the footprint of its bricks-and-mortar stores. But a recent memo sent to employees says not to worry about those shuttered outlets because Best Buy is opening up new stores — in China.
A memo from BBHQ regarding the closing of two stores — one in Arizona and another in Missouri — includes talking points and an FAQ about the current state and future outlook for the retailer.
Among the more frequently mentioned points in the memo is Best Buy’s growth in China. Here are just two examples from the memo:
Is this the beginning of more closings?
While we are closing this location, Best Buy has opened 106 stand-alone Best Buy Mobile stores this fiscal year with 22 more openings scheduled in February as well as 40-50 Five Star stores in China…
Is Best Buy opening new stores as a result of this closure?
While we are closing this location, Best Buy has opened 106 stand-alone Best Buy Mobile stores this fiscal year with 22 more openings scheduled in February as well as 40-50 Five Star stores in China. This closure is consistent with Best Buy’s stated goal of reducing overall square footage by 10-percent in the next three to five years while also increasing our points of presence in different ways.
While Best Buy’s growth in China is good for Dunn and the execs in Minnesota, it doesn’t really do much for those who are going to be out of jobs stateside. To that end, the company says it is doing its best to find positions elsewhere for workers affected by the closings and will offer severance to those employees for whom it can’t find work.