Best Buy is closing its Mall of America store

It's come to the end of its 10 year lease.
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Best Buy's 10 year tenure at the Mall of America is coming to an end.

The Richfield retailer opened on the third floor of the Bloomington megamall in 2008, but has confirmed its last day of business will be Aug. 4.

It's decided against renewing its lease, noting that it has two stores not far from the Mall of America – in Eagan and Richfield.

"Our Mall of America store has been a great way to showcase our brand," spokeswoman Katie Huggins told BMTN.

"But, as we have said, we look at every lease that comes up for renewal and we consider a number of factors in making the decision, including, in this case, the fact that we have two other stores within seven miles of the mall."

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Best Buy has been on a hot sales streak, reporting a massive 7.1 percent same-store increase in the 1st Quarter, but it hasn't stopped it closing more than a dozen of its underperforming big-box stores nationally.

It's also closing all 250 of its Best Buy Mobile stores.

The Star Tribune notes that the MOA's popularity among tourists doesn't necessarily make it the best fit for Best Buy, with customers potentially less likely to make a major electronic purchase while passing through the state.

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