After 13 Years, Best Buy Exits Mexico
MEXICO CITY — Many businesses have been severely impacted by the coronavirus pandemic, and the electronics store chain Best Buy is not the exception. But the main hit will be felt not as much in the U.S. as at its branches south of the border.
Best Buy announced its departure from Mexico, closing its 41 stores, starting Dec. 31.
Mexico was the smallest market for the company, where it has been doing business for 13 years.
The company reported that store closings during the pandemic severely affected their gains, and they plan to improve its strategies.
But some analysts consider that Best Buy had a hard time adapting to the Mexican market, where pricing is more competitive, competition is high and a strong branding is needed.
The announcement of the liquidation of its stores last Friday has already attracted hundreds of customers seeking big discounts.
The chaos brought by the sales led health authorities to shut down some stores, as they became risky areas for the coronavirus to spread.