In March, Best Buy announced it would close all 250 of its small-format mobile locations by May 31. These stores sold smartphones and accessories in a small footprint — around 1,400 square feet — and mostly in malls. “We had opened them about 12 years ago, at a time when the penetration of smartphones was very low, so this was a great growth opportunity. The margins in smartphones were very good,” Best Buy CEO Hubert Joly told Business Insider in a recent interview. “Fast forward to 2018, smartphone penetration is a very mature industry.”
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