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Best Buy is shuttering its freestanding mobile-phone business, which consists of 250 small stores in malls, according to Business Insider. Minneapolis-based Best Buy said it will continue to sell mobile phones through its 1,000 U.S. big-box stores and online.
The stores made up about 1 percent of the company's overall revenue and roughly 1 percent of its overall square footage. The stores are each about 1,400 square feet, while a typical Best Buy store occupies roughly 40,000 square feet. Best Buy began rolling out these stores about a decade ago, but competition from Apple and other rivals has made them unprofitable, CEO Hubert Joly told employees in a letter.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
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