Both Future Shop stores in Richmond will close, including one at Lansdowne Centre, further adding to that mall's available space following the planned closure of Target Canada.
The closures are a result of a consolidation between Best Buy and Future Shop stores, which are owned by the same company, Best Buy Inc.
Across Canada 66 Future Shop stores will close, resulting in the loss of 500 full-time and 1,000 part-time jobs. Another 65 Future Shop stores will be converted to the Best Buy brand, according to a Best Buy news release.
The Future Shop on Bridgeport Road will also close, according to an updated online version of Best Buy locations.
There are no indications there will be any liquidation sales.
Best Buy says it will honour any existing, outstanding Future Shop transactions, as well as gift cards.
Retail analyst David Ian Gray told Global News on Saturday he was shocked by the "depth" of the closures but ultimately the move was a "sobering" reminder of today's retail landscape.
"It's about making it one and streamlining out the redundancies, the duplication of inventory and duplication of staffing. I think that's what's behind it," said Gray.
At Lansdowne, the Future Shop and existing Best Buy were 100 metres away from one another.
