Seriously. At least as of late they do.
I used to LOVE Best Buy. (Honestly, I still do.) Whenever I had the chance, I would make a stop & see what they had to offer, play around with whatever new tech I could get my hands on & enjoy the atmosphere. (I personally loved the Customer Service that Best Buy offered.) Something however is changing. The last time I was at a Best Buy was in the afternoon during what should have been busy for the store, & it was scarce.
Read this article from Forbes about the fall of Best Buy. It’s very interesting. It pretty much discusses some of the issues they are having.
I think that Best Buy is going to go the way of Circuit City unless they get their stuff together. Here are some ways that I think they can improve their bottom line. Which at this point is not shutting down. Now, I know I have been ranting lately about the death of retail, but honestly, it’s just changing like many industries.
1) Get back to the basic niche. What was Best Buy’s niche? It was simply offering the latest greatest technology at a great price with superb customer service. Then they stopped making their salesmen commissioned. Then, they began adding random services. What are these services? Let’s see, they copied Redbox & began offering movie rentals. I’ve seen them pop up at Quik Trips. Since when has Best Buy been an expert on movie rentals? Next, they copied a personal favorite of mine, Gamestop. How did they copy them? They now offer used games & allow you to trade them in for different rates. Again, why? Gaming is Gamestop’s retail expertise. Instead of adding all these different services, make the core better i.e. selling the latest & greatest at a great price with superb customer service.
I don’t know all the nuances of Best Buy’s current issues, however I do know what copying others will get you. Nothing.
2) Mobile. We all know Mobile is the next frontier for businesses & especially those in the retail space. They don’t really have a Mobile Solution yet. I’m sure it’s something they are working on though. At least I hope so…
I’m not doing this to talk down Best Buy, but I’m doing it because I really do like Best Buy & what it has to offer. I’m a big fan of the store & I will definitely continue to patronize it, but I would love to see them around in the next 5 years. If they keep it up with the status quo, they won’t be.
Agree or Disagree? Do you think what’s happening with Best Buy will happen to other retailers?
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