Last week it was announced that Best Buy is set to close 257 remaining stand-alone mobile stores in the United States on May 31st. This includes a location at the Plymouth Meeting Mall. The regular store at The Metroplex off Chemical Road will remain.
“Back then the mobile phone business was in a period of rapid growth and margins were high,” said Chief Executive Hubert Joly on the earnings call, according to a FactSet transcript. “Fast forward to 2018 and the mobile phone business has matured, margins have compressed and the cost of operations in our stand-alone stores is higher than our big-box stores.”