UPDATED — Landlord: F’ville Best Buy closing was no surprise
Wednesday, April 18, 2012 - 12:04am
Submitted by Cal Beverly
Submitted by Cal Beverly
UPDATED FOR PRINT Wednesday, April 18, 2012 — Fayetteville is about to lose another big anchor retailer in the Pavilion.
The specialty electronics merchandiser Best Buy has notified its customers that the Pavilion store is closing by May 12 “or when supplies run out, whichever is earlier.”
The owner of the Fayetteville Pavilion, DDR Corp., said Saturday the announced closing of one of its anchor tenants, Best Buy, came as no surprise.
“Given our relationship and regular dialogue with Best Buy, this closure is not an unexpected event and we are well prepared to maximize the benefit of the opportunity. Most importantly, Best Buy’s single closure in our portfolio speaks to the high-quality of DDR’s prime assets and the productivity achieved by our tenants. We will continue to creatively and proactively work with Best Buy as they strategically evolve their operating strategy,” said Paul Freddo, senior executive vice president of leasing and development for DDR.
“There is no co-tenancy impact related to this closing and Best Buy remains responsible for all economic obligations of the lease until expiration in January 2013,” DDR said.
In an email sent April 14, the store said it would have a going out of business sale “of up to 20 percent on select, remaining merchandise.”
The Fayetteville store becomes one of 42 announced Saturday to be shuttered permanently out of the 1,100 stores nationwide.
The Peachtree City Best Buy apparently is out of danger, since the email directed customers to nearby stores, including the Peachtree City location.
News reports said the store notified employees of the closing Saturday morning. Employees who can’t find positions elsewhere in the company would be offered severance packages. Best Buy employs more than 180,000 workers across the country.
The company has announced it is shifting away from its big-box formula, maybe opening smaller stores and a much smaller inventory.
The 30,000 square foot store is located at Fayette Pavilion, a 1.5 million square-foot prime power center anchored by Walmart, Home Depot, Target, Kohl’s, Publix, Dick’s Sporting Goods, Belk, Ross Dress For Less, T.J.Maxx, Bed Bath & Beyond, PetSmart and more, DDR said.
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EARLIER VERSION —
Fayetteville is about to lose another big anchor retailer in the Pavilion.
The specialty electronics merchandiser Best Buy has notified its customers that the Pavilion store is closing by May 12 “or when supplies run out, whichever is earlier.”
In an email sent April 14, the store said it would be closed Saturday but would reopen April 15 for a going out of business sale “of up to 20 percent on select, remaining merchandise.”
The Fayetteville store becomes one of the 50 to be shuttered permanently out of the 1,100 stores nationwide.
The Peachtree City Best Buy apparently is out of danger, since the email directed customers to nearby stores, including the Peachtree City location.
News reports said the store notified employees of the closing Saturday morning. Employees who can’t find positions elsewhere in the company would be offered severance packages. Best Buy employs more than 180,000 workers across the country.
The company has announced it is shifting away from its big-box formula, maybe opening smaller stores and a much smaller inventory.
The Peachtree City store, opened in 2005, may already fit that model. It comes in at just under 30,000 square feet.
Mon, 04/16/2012 - 1:33pm
#2
BB CEO resigns due to Bobby Petrino-itis
a common affliction (not covered by Obamacare, naturally) of most middle aged men who just want a little "fun" on the side.
No cure, no treatment, except;
1) mild public humiliation
2) huge retirement package
3) a big fee from wifee's attorney and see 'ya later divorce settlement
Not much to do with closings and layoffs...well, no more lay...s, maybe. At least for a short while.
Mon, 04/16/2012 - 9:12pm
#3
moelarrycurly-And then you make a new friend
And then you get to spend a lot of time with a new buddy. A Mr Al E Mony.
Mon, 04/16/2012 - 9:44pm
#4
G35-I fergot
about Mr. Mony. Yes, good friends..usually lifelong buds.
Mon, 04/16/2012 - 10:13am
#5
you can always spot a BB employee
You can always spot a best buy employee by how diligently they avoid you.
Sun, 04/15/2012 - 12:09pm
#6
I still miss HiFi Buys...
Sadly, online stores are putting the HURT big time on retailers.
Sun, 04/15/2012 - 7:27am
#7
Fayette-dale
Thanks to Fayette-dale all those stores will close soon, can’t stay in business when all your product walks out the door.
Sun, 04/15/2012 - 11:20pm
#8
Needed: The Great Wall of Fayetteville
As a new Fayette Co resident, I was hoping that rumors of Fayetteville's decline were exaggerated. However, a weekend trip to the Cinemark 10 proved otherwise. While walking through the parking lot, I was surprised to see that cars with Fayette tags were outnumbered at least 4 to 1 by those bearing Clayton and Fulton Co plates. Next, I noticed that most of the foot traffic in the area was what I'd describe as "thugged out," and trash was strewn all over the sidewalks.
After the movie, I waited in the lobby while my family made a stop at the restroom. Three of the thugged out crowd (mid teens) quickly entered the building. All three were wearing gang colors; one was bleeding from the nose and had clearly just been in a fight. As I quickly exited with my family, I saw two marked units from Fayetteville PD pulling up outside. Welcome to Fayette-dale! Guess I'll be renewing my Netflix subscription...
Mon, 04/16/2012 - 9:59am
#9
Silver Star - great wall-theater
Exactly the reason why we go to the theater in Fisher's Crossing just outside of PTC. Our frustration with the Best Buy in South Riverdale aka Fayettedale aka Reeferville, is that there was never anyone to help you and they never had what we needed. Sadly, the Pavillion gets more and more empty.
Mon, 04/16/2012 - 10:10am
#10
Best Buy - Is
Is downsizing due to online competition, there are 100's of store closings nation wide. The CEO of Best Buy resigned last week and a replacement is being sought. So, the point is that the closing of Best Buy in Fayetteville is part of a general trend and not because it is necessarily located in the Pavillion.
If you look around, you will see plenty of empty stores all over the metro area. We are in a Great Recession and nothing the current government can say changes that fact. It will last for another 5 years minimum and increasing crime will be part of it.
Mon, 04/16/2012 - 12:59pm
#11
PTC OBserver-BB
Is downsizing due to online competition, there are 100's of store closings nation wide. The CEO of Best Buy resigned last week and a replacement is being sought. So, the point is that the closing of Best Buy in Fayetteville is part of a general trend and not because it is necessarily located in the Pavillion.
If you look around, you will see plenty of empty stores all over the metro area. We are in a Great Recession and nothing the current government can say changes that fact. It will last for another 5 years minimum and increasing crime will be part of it.
My point is that we avoided the BB in F'ville because they never had what we needed and we could never get anyone to help us find what we needed. This may be the recession, but didn't stop us from shopping, just not in Ghetto-ville anymore. I don't enjoy movies when I am dealing with obnoxious rude people and wonder about the people strolling the parking lots. I go where I feel safe to shop, and that is not the Pavillion. I have lived here in this town for the majority of my adult life, it's sad what it has become.
Mon, 04/16/2012 - 9:18am
#12
SilverStar
Have you been to Tinsletown theater lately? It used to be a nice place to go. Now you have to put up with people texting and talking throughout the movie. The type of vermin that go to this theater find it perfectly acceptable to talk in normal conversation voice throughout the movie, answer their cell phone, etc. etc. etc.
Now you have to drive all the way to NCG in Sharpsburg if you want to enjoy the movie.
Mon, 04/16/2012 - 1:01pm
#13
Silver Star Movies
Have you been to Tinsletown theater lately? It used to be a nice place to go. Now you have to put up with people texting and talking throughout the movie. The type of vermin that go to this theater find it perfectly acceptable to talk in normal conversation voice throughout the movie, answer their cell phone, etc. etc. etc.
Now you have to drive all the way to NCG in Sharpsburg if you want to enjoy the movie.
It's worth the drive to know you aren't going to be viewing movies with the rats. Remember the rat infestation some years ago? It's worth it to drive to get hot water out of the tap to wash your hands. Remember when they didn't have hot water a few years back? It's worth it to not be scared to walk to your car when it's dark outside because of all the unsavories strolling the lot.
Sat, 04/14/2012 - 5:33pm
#14
Best Buy closing
Too big stores, and the business model isn't working anymore...Too many people using Best Buy as a showroom to buy the products elsewhere or online...
Sat, 04/14/2012 - 6:43pm
#15
Pavillion takes yet another hit
The business model of Best Buy cannot survive when a Amazon has not nearly the overhead and is also exempt from having to collect sales taxes. Stores like Best Buy can do all the "selling" and marketing of the merchandise in stores and then the customer can go home and buy it online.
This particular Best Buy was losing money with seemingly no chance of turning it around and that says a lot about the area it is located in. Notice that the Best Buy in PTC and Ashley Park/Newnan aren't closing?
Sat, 04/14/2012 - 4:46pm
#16
More than 180,000 employees...
for only 1,100 stores nationwide. It appears they're using a business model designed by the "guv". By the math, that works out to 164 employees per outlet. That's a lot of folk.
Sat, 04/14/2012 - 5:37pm
#17
And so it begins
the proverbial worm is turning...away from big box, crummy customer service, can't find staff on the floor who are knowledgeable, and out of stock displays.
Finally.
Sat, 04/14/2012 - 7:08pm
#18
How is this worm turning?
What stores are there that carry the same merchandise as Best Buy that have a) staff all over the floor b)good customer service and c) in stock displays?
They are getting killed by non-physical stores and also by Wal-Mart, a bigger big box that doesn't meet your criteria either. When Best Buy bites eventually downsizes even more, they will just build bigger Wal-Mart's to absorb the demand.
I guess if you like your choices to be buying it online or buying it at Wal-Mart(or the crappy HH Gregg), then Best Buy sinking is good news.
Sat, 04/14/2012 - 10:59pm
#19
Can it be...
...that such a large portion of the population are becoming 'tech-savvy' or at least knowledgeable enough to not require in-store 'techies' to show/tell/fix our tech toy problems? Through the I-net, customer service (for most/many items), locals/friends that know these items/systems, etc.. that relying on Best Buy, etc...is now less important, and/or needed? And, have tech items become so disposable that if it breaks, gets infected, etc... that it's cheaper to just trash it and get a newer model/version? Best Buy might have become a victim of their own success...
Sat, 04/14/2012 - 5:35pm
#20
Cy & Best Buy
Ah yes, this is all part of the administration's "recovering economy"---just ask all those employees who are losing a job what they feel about "recovery."
Thanks to Fayette-dale that will soon be a $1.00 theater.