"In order to help make technology work for every one of our customers and transform our business as the consumer electronics industry continues to evolve, we are taking major actions to improve our operating performance," said Brian J. Dunn, CEO of Best Buy. "As part of our multi-channel strategy, we intend to strengthen our portfolio of store formats and footprints --- closing some big box stores, modifying others to our enhanced Connected Store format, and adding Best Buy Mobile stand-alone locations --- all to provide a better shopping environment for our customers across multiple channels while increasing points of presence, and to improve performance and profitability.
"These changes will also help lower our overall cost structure. We intend to invest some of these cost savings into offering new and improved customer experiences and competitive prices --- which will help drive revenue. And, over time, we expect some of the savings will fall to the bottom line."
One can't help but remember the rapid fall of Circuit City, once a strong competitor to Best Buy up until bankruptcy forced the company to close shop. It was later picked up by Systemax, which also owns Tiger Direct and CompUSA. Where Best Buy may be able to avoid a similar fate, however, is in recognizing the growing trend towards mobile devices, and adjusting its strategy accordingly.
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