"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.
I used to work at best buy and this doesn't surprise me. You can only fool people for so long with high prices. They did a good job redoing their geek squad protection plans on computers, but not everyone gets it because it cost a bunch.
I just love how they came in a put all the other electronics stores out of business and are now going to be closing their doors in many locations.
I was waiting for this one ever since Compusa and Circuit City did it. I think a lot of retail will go this way but electronics and software especially.
As long as Newegg stays around then I'm OK.
Don't part with your illusions. When they are gone you may still exist, but you have ceased to live.
this is not in the least bit surprising.
"Never trust a computer you can't throw out a window."
Z77 GIGABYTE G1.SNIPER
G.Skill Ripjaws X 16gb PC2133
Asus Blu-ray burner
Seasonic X650 PSU
Patriot Pyro 128gb SSD
Eh. I've walked around in many of their stores, I'm not missing much.
"The future starts with you; now start posting more!"
I have to agree, I'm not surprised by this at all. I've boycotted Best Buy for years, thankfully I have a Fry's close by.
Now you're just mashing it!
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