Can Best Buy Reboot?

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RobertPattinson
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Can Best Buy Reboot?
RobertPattinson   8/1/2012 5:41:03 AM
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hi

Based on my recent experiences with local stores, I really thought that they had some good prospects. I've received good service from helpful and mostly knowledgeable staff. The prices have been competetive and, most importantly, I can walk in, buy somethiing, and take it with me.

Thanks

Samsung Galaxy S2 Cases

Mitch Wagner
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The New York Times reported this morning that Dunn is under investigation for activities unrelated to his work at Best Buy:

A spokeswoman for Best Buy issued a statement that said: "Certain issues were brought to the board's attention regarding Mr. Dunn's personal conduct, unrelated to the company's operations or financial controls, and an audit committee investigation was initiated. Prior to the completion of the investigation, Mr. Dunn chose to resign."

That makes Best Buy's initial statement at the time of the resignation particularly interesting. The Times notes:


"There was mutual agreement that it was time for new leadership to address the challenges that face the company," a statement from Best Buy's board said at the time. "There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures," it said.

Note what's omitted from that initial statement. 


Mitch Wagner
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Re: Best Buy's CEO is out
Mitch Wagner   4/10/2012 4:21:21 PM
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Karl - Agreed. Best Buy needs to double down on retail, and invest in great training for its salespeople. They need to make shopping for electronics a pleasure rather than the unpleasant chore that it currently is. 

sohaibmasood
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Re: Best Buy's CEO is out
sohaibmasood   4/10/2012 2:09:43 PM
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@Karl: Thanks for sharing Staseer's comments. 

I think it doesn't really matter if you are a retail guy or a digital marketing fan. The individuals at the CXX level are qualified to deal with these issues on a daily basis. What matters is, do they really want to change the direction of business? 

Like Strasser said, change is not going to happen overnight. It is a gradual process and will require time and efforts. The retail market has a lot of potential and we will have to wait to see if the next CEO capitalizes. 

KarlHakkarainen
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Re: Best Buy's CEO is out
KarlHakkarainen   4/10/2012 10:47:26 AM
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The WSJ quotes analyst David Strasser: "Brian was never the big problem and the person who comes in will not be the big solution," Strasser said. "It's going to take some time to turn this company around. It's not going to happen overnight."

The article also notes that Dunn was a retail guy and that BB wants to go in a digital direction. IMO, this won't end well. The retail market is wide open and viable, but it will take smarts and a commitment to service excellence. Given the head start that Amazon and NewEgg have, I think that it's easier to train a good workforce than to overtake the established outlets. 

This may also be good news for Staples and other office products companies. No one else is handling retail computer components. (Where do I go to pick up a VGA adapter for an iPad for a presentation this afternoon?)

Mitch Wagner
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Re: Best Buy's CEO is out
Mitch Wagner   4/10/2012 10:30:27 AM
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Wow. Will new blood at the top turn the place around? Or are the rats deserting the sinking ship?

Dunn's resignation suggests that the recent reorganization might have been unpopular. I'm thinking here of what happened at HP last year when they decided to sell off Palm and the PC division. 

Ellis Booker
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Best Buy's CEO is out
Ellis Booker   4/10/2012 10:20:39 AM
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This just in: Brian Dunn, chief executive of tech big box retailer Best Buy, resigned this morning.

Mitch Wagner
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Ryck - Interesting. I have to admit it's been a couple of years since I looked at this. Thanks for the correction. 

Ryck
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Mitch, when I first heard about this, I was puzzled and did some research on Best Buy's return policy.  At that time, I did an online search, as I did just now, and here is an interesting link:

http://urbanlegends.about.com/od/business/a/best_buy.htm

After the customer venting about their displeasure with the return policy of Best Buy, the bottom indicates that Best Buy eliminated the return fee except for special orders.

As I said in my post, I have returned items to Best Buy Canada within their time limits and there has been no return or restocking fee.

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