Best Buy to Close Location Near Landmark Mall in Alexandria

The Best Buy near Landmark Mall is one of 50 the company plans to close, according to a list released Saturday.

The store, located at 5901 Stevenson Ave. near the intersection of S. Van Dorn St. and Duke St., is expected to close on May 12. It is the one of three stores to close in Virginia, along with a Best Buy in Fredericksburg and a Best Buy in Richmond. 

Northern Virginia has 10 Best Buy stores, including stores in Springfield on Frontier Drive, in Fairfax at Fair City Mall and in Alexandria at the Potomac Yard Shopping Center.

In closing the stores, Best Buy hopes to change its retail operation and add a focus on smaller outlets selling phones and tablet computers, according to the Wall Street Journal. The company also plans to open several dozen stores in China.

Best Buy reported shortfalls after its third quarter, and a January 2012 Forbes article suggested the company is moving closer to bankruptcy.  "Though the company accounts for almost a third of all U.S. consumer electronics purchases, analysts noted, the company remains a ripe target for more nimble competitors," wrote Larry Downes.

In addition, Best Buy may be falling prey to the trend of "showrooming," where consumers go look at a product in a retail store, but then purchase the item online at a lower price.

Best Buy will try to get employees at closing stores new jobs elsewhere in the company. If the employees leave or can't find new jobs, they'll receive a severance package, according to Best Buy's press release.