"Losing Circuit (City) and what had previously been an billion business, in addition to share gains from other smaller outlets, should help to partially offset weaker consumer spending as well as further secure Best Buy's position as the leader in the space," he said.
The liquidation of Circuit City follows the worst holiday shopping season in four decades.
"It will bring to market a glut of big box spaces across the country," said John Bemis, head of Jones Lang La Salle Inc.'s retail leasing team.
Goins Automotive is closing the business and selling remaining assets at public online auction.
Founder's son: 'Very, very sad' "Very, very sad," said Alan L. Wurtzel and the chief executive from 1972 to 1986, board chairman from 1986 to 1994 and vice chairman until 2001.
"I feel particularly badly for the people who are employed or until recently were employed." Wurtzel has previously said Circuit City didn't take the threat of rival Best Buy Co.
seriously enough and, at some points, was too focused on making a profit in the short term instead of building long-term value.
Credit Suisse analyst Gary Balter told investors that Circuit City's demise will help Best Buy cement its position as the market leader.