Find in the news:
BY COUNTRY

Here’s How Best Buy Turned Its Fortunes Around



The big-box electronics chain has rebounded quite nicely and became a multichannel successful retailer.
About five years ago, Best Buy looked like it was on track to enter the retail graveyard. Fast forward to today, and the big-box electronics chain has rebounded quite nicely. So how did Best Buy pull off such an impressive turnaround? The Los Angeles Times has the scoop on that.

Bestbuy

Part of the problem that Best Buy was faced with was that customers were coming in, but they weren’t buying anything. Customers were engaging in a practice known as ‘showrooming,’ meaning that they scoped out goods in person before finding the same item cheaper online. Hubert Joly manned the reins as chief executive in 2012, and he quickly set forth to execute a turnaround plan. 

“We don’t see ourselves as a brick-and-mortar retailer, we’re a multichannel retailer,” he notes. 

Best Buy improved its own website and mobile capabilities, and he decided to take the step of matching competitor’s prices. That simple move quickly gave Best Buy a little bit of a leg up, as online retailers simply couldn’t match the other services that Best Buy is able to provide for shoppers. 

“We had no choice, we had to take price off the table and match online prices,” Joly continued.  

That set the wheels in motion for the turnaround, but there were still other areas to address. As a recent report from research firm IBISWorld notes, big ticket electronics sales remains a challenging part of the retail environment.  

“While economic conditions are gradually improving and will likely boost consumer spending, individuals are buying fewer of the big-ticket items that sustained rapid growth in the past,” the report reads in part.  “Consumer interest in big-ticket items, such as TVs and personal computers, has waned due to market saturation and slowing innovation,”

That news alone would lead you to think Best Buy may be as good as dead in the water, but the company’s overall revamp has helped push that threat aside. Delivery and service options were enhanced, and the company took the proactive step of creating “stores within the stores” in tandem with a number of electronics vendors.   

“That enabled Samsung, for instance, to have 1,400 stores in the U.S. in our stores, which would have taken years to build,” Joly continued.  

One interesting aside from Best Buy’s turnaround is that Amazon has now realized they need to offer some kind of services with their electronics, including consultations and installations. 

“They’re seeing the same thing we’re seeing - that customers need help - and are trying to address that,” Joly continued. “Just looking at a product on the shelf or a site doesn’t necessarily tell you what you can do with it.”

If you can get Amazon to react to you as opposed to the other way around, there’s a good chance you’re on the right track. 

Related shopping malls and stores:

More about shopping malls in the USA



TODAY, Taiwan:
Dutch studio MVRDV has transformed an abandoned shopping center in Taiwan into an unusual public space.
TODAY, Israel:
In Israel, a national quarantine begins to operate again from September 18, 2020.
TODAY, Sweden:
Shoppers will select goods from different stores in the mall on one website and then pick them up conveniently.
YESTERDAY, Spain:
The outlet begins its countdown and fires the starting signal during the "Digital Lighting" event.
YESTERDAY, China:
Maison Martell officially opened L'Atelier Martell Shenzhen - a luxury boutique where you can taste and buy exclusive varieties of cognac.
YESTERDAY, USA:
The new retail store layout is expected to be very convenient for quickly and safely receiving online orders.
Friend
and Follow
AEON MALL Okinawa Rycom GLA:839 585 SF
ADDRESS: 901-2300 Tochi-kukaku seirichinai Awase, Kitanakagusuku Village, Nakagami District, Okinawa
Japan . Ginowan
AEON MALL Okinawa Rycom
Adigeo GLA:452 084 SF
ADDRESS: Verona city center
Italy . Verona
Adigeo
Shopping City Süd GLA:1 862 156 SF
ADDRESS: Europaring 2334 Vösendorf
Austria . Vienna
Shopping City Süd
FAN Mallorca Shopping GLA:592 015 SF
ADDRESS: C/ Cardenal Rossel, S/N. 07007 Palma de Mallorca
Spain . Palma
FAN Mallorca Shopping


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us