Friday Poll: What could Best Buy do to survive?
Electronics retailing is a cutthroat world and Best Buy seems to be dropping to the bottom of the pile. What could the company do to revive itself?
The brightly lit aisles of Best Buy have a certain pallor to them these days. Geek Squad employees have been axed. More than 50 stores are closing. The consumer-electronics retailer is treading water in a sea full of hungry online competitors.
Will Best Buy go the way of dearly departed Circuit City? Sales are slumping and profit is shrinking into losses. Consumers are avoiding the mazelike store layouts and shopping around for deals online. Apple Stores are popping up everywhere and Microsoft is expanding its brick-and-mortar presence.
None of these signs bode well for Best Buy. The company's founder, Richard Schulze, resigned his board seat earlier this year, but he's making a move to acquire the retailer and take it private. He has some strong ideas about how to bring it back from the brink, including cutting prices and improving the in-store experience.
This all leaves us to wonder just how far gone Best Buy is. The last time I went to one was so my mother could look at a camera there. She ended up buying a different model for less money from Costco. That was many, many long months ago.
Imagine the Best Buy board has called you in for an emergency meeting. They want your advice. What would be the best thing Best Buy could do to survive? Vote in our poll and share your thoughts in the comments.