This article explains why Best Buy has decided to move into another location in downtown Los Angeles. The move comes as Best Buy moves to 571 West Beverly Drive and is planning to build second, third, and fourth-floor buildings to house more sales and service functions around West Beverly Boulevard, as well as two new storefronts in the heart of the entertainment and retail district along Main Street.
In a move that is expected to be worth anywhere from $1.5-2.6 billion in redevelopment projects and millions more in investment capital, the Los Angeles firm will be replacing its headquarters in the city’s most expensive area with a new $35 million building near the city’s downtown district.
As an executive and former top executive at Best Buy, this will be a seismic shift for the company. At the time it will be happening, the company plans to create over 500 jobs. “The new home will bring in a host of benefits and additional revenue streams,” according to Eric Ries. “It will make Best Buy a true multi-sector company, not just bricks, and mortar. This is not your traditional Best Buy company that just does retail.
At the time of this article being written, we haven’t seen a new Best Buy, but we will. If Best Buy is making a move to Beverly Hills, then we do not care. The market is changing and changes quickly. This is not to say that everything’s great and the future is shining. Many of the changes that are happening today are making things tougher on some folks.
The city will see new development, new office towers, new retail outlets. For example, the upcoming Beverly Pavilion and at times during this article in some sections of downtown, the city will see new apartment buildings, a new grocery store, an entertainment area like the Rose Garden, the Rosewood and a more walkable area at UCLA which is called the Westside.