Industry Doubts Best Buy Will Find a Buyer
Elaine Misonzhnik / Retail Traffic
Best Buy’s real estate portfolio doesn’t carry much appeal either. The company currently operates 1,105 big-box stores in the U.S., totaling 42.4 million sq. ft. It’s been trying to shed unprofitable locations, including plans to close 50 stores in calendar year 2012, but its big-box fleet remains bloated, according to Jeff Green, president of Jeff Green Partners, a Phoenix-based retail real estate consulting firm.
“It will be difficult for a buyer to reposition Best Buy because they have too much bricks-and-mortar square footage [and] much of this space is tied to long-term leases,” he says. “Best Buy is attempting to downsize most of these stores, but it has proven to be a long and difficult task for them.”
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