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.
