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.
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For a new film festival in Thailand called Film on the Rocks Yao Noi, an outdoor cinema was constructed in the most unlikely of places: right on top of the water. And it just might be the most amazing place you could ever want to watch a movie.
The amazing venue is called the Archipelago Cinema and is tucked away inside a bay surrounded by towering island rocks and lush jungle plants. It's a natural paradise, and it just happens to be the perfect spot for a floating movie theater. The lagoon itself is shallow enough that it turns into a watery beach during low tide. Once the tide shifts, the ocean once again fills the area.
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