When Best Buy Co. (BBY) said yesterday it was closing 50 big stores and opening 100 smaller ones, the world’s largest electronics retailer was adjusting to reality: The era of big-box retail dominance is coming to an end.
The new mantra is small box. While Best Buy, Wal-Mart Stores Inc. (WMT) and Target Corp. (TGT) are still opening large stores, all are putting increasing emphasis on smaller ones. Best Buy plans to double the number of its smaller Best Buy Mobile stores by 2016. Wal-Mart is building as many as 100 small-format stores this year, while Target is opening five CityTarget locations.
After 50 years of putting mom and pops out of business, big-box retail is having a mid-life crisis. A slow economy has hurt same-store sales, narrowing margins at big stores. Meanwhile, consumers, armed with price-comparison technology, are visiting more stores seeking deals or exclusive merchandise rather than making one-stop, fill-the-cart excursions.
Yale Real Living locks are the company's first locks specifically designed to integrate seamlessly into the digital home. Available in both durable acrylic touchscreen or elegant, tamper-resistant keypad, Yale's new platform of intelligent locks supports both Z-Wave® and ZigBee®, allowing them to integrate seamlessly into a wide range of home control and security systems. Regardless of the home control system employed, users will have access to a high degree of functionality.