Did Best Buy Go Out Of Business – Best Buy employee James Feltes provides shopper Barbara Lee with information on an array of televisions in the home theater section.
A few years ago, Best Buy was on the ropes. Amid failed sales and profits, there was talk of bankruptcy.
Did Best Buy Go Out Of Business
But Hubert Joly took over as an unlikely choice to run the Richfield-based retailer. The former head of hospitality vowed to “renew the blue,” referring to the company’s blue-shirted employees and the store’s main color.
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Now, even some of Best Buy’s biggest losers admit that Joly has turned the company around. Best Buy is definitely back.
People may not visit Best Buy stores as much as they did when they had to go to an actual store to buy music and movies. But Best Buy has established itself as the best retailer for all things tech, complete with price matching, free shipping, and tons of advice and help.
Carol Kladnik of Richfield is sure she gets what she needs at Best Buy. “I’m not an electronics person,” she said. “So I don’t have much. But every time I bring my phone in and have a problem, they fix it. And they gave me a good price on the tablet I bought.”
Nick Gentle of Minneapolis believes that when he goes to a Best Buy store, he can count on getting what he wants on the spot. “I think it’s more immediate gratification than, say, getting something in two days on Amazon.”
Best Buy’s
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These customer testimonials represent a sharp turnaround since Joly joined in September 2012. Best Buy’s sales and profits have fallen sharply, but are now rising.
Sales at stores that have been open for at least 14 months rose nearly 6 percent last year. Over the past five years, online sales have doubled to more than $6 billion.
Reflecting this improvement and an aggressive share buyback effort, the company’s stock price has risen more than 500 percent from its low point in late 2012.
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Last month, Joly told shareholders that he wants Best Buy to be the place where consumers look for smart homes, virtual reality and other new-wave products. “We play to win.
Joly is even earning praise from one of the company’s most bearish analysts, Michael Pachter of Wedbush Securities.
“I can’t say enough good things about the management team,” he said of Joly’s efforts to revive the company. “I was skeptical and cynical and I was wrong. They are very good.”
“In the long run, it’s a terrible business,” he said. “There is nothing at Best Buy that a person under the age of 60 should go to the store to buy.”
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Best Buy Chairman and CEO Hubert Joly (left) and Amazon founder and CEO Jeff Bezos announced a partnership in April between the two companies that includes Amazon Fire TV and Alexa products.
Best Buy’s improved outlook is aided by factors beyond management’s control. Last year’s big federal tax law will drastically cut company taxes. The company expects the tax rate to drop from about 33 percent to about 25 percent.
Some online competitors are forced to collect sales tax. And Peter Keith, an analyst at investment firm Piper Jaffray, notes that traditional rivals are disappearing. “Many competitors have cut back or had to close completely,” he said.
But Joly has made many strategic moves to improve Best Buy’s performance, Keith said, including selling or consolidating businesses in China, Europe and Canada and cutting hundreds of millions of dollars in operating costs.
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Online stores like Amazon posed one of the biggest threats to Best Buy. Joly matched them with offers of price matching and free shipping, and Keith added, offering more of what online retailers don’t: personalized service.
Service revenue totaled nearly $2 billion for Best Buy’s fiscal year that ended in January. And Best Buy hopes more customers will pay for extra help. The retailer recently introduced a service that offers customers 24/7 tech support for $200 a year.
Analysts say Best Buy has been particularly good at giving retailers a share in the retailer’s success by giving Apple, Samsung and other retailers their store space.
“These brands support Best Buy’s success and help Best Buy succeed because Best Buy is so important to them,” said retail consultant Carol Spieckerman.
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Piper Jaffray’s Keith said the companies pay Best Buy rent for the space and train the retailer’s employees about the products. But Best Buy won’t disclose financial or other details about those deals.
Perhaps Joly’s biggest coup, at least symbolically, is turning Amazon from a mortal threat to a major partner over the past year or so.
Best Buy will install, integrate and service Amazon TVs and Alexa digital assistants sold by Best Buy. And with that, Amazon now joins Best Buy’s results.
Amazon has made its own store-within-a-store investments at Best Buy, said Keith, who estimates Amazon now has 400 to 500 Best Buys.
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It’s an interesting relationship, he added. “Amazon, we like to call it Best Buy’s arch nemesis.” Apple says it has expanded its authorized service network to 1,000 Best Buy stores. However, a visit to Best Buy reveals some of the pitfalls. They are quite large.
Yes, this was written by Apple, and it delivered some very exciting news: “Apple today announced the completion of a major expansion of its Apple Authorized Service Network. With nearly 1,000 Best Buy stores across the U.S. now offering service of experts and repairs for Apple products, customers have even easier and more convenient access to safe and reliable repairs.”
Could this mean no more visits to the chaos and cacophony of an Apple Store? Could it be that Apple has secretly trained thousands of Best Buy employees to be overnight geniuses?
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Thus, Apple’s press release noted that “Best Buy’s Geek Team has approximately 7,600 newly Apple-certified technicians ready to perform same-day iPhone repairs or service other Apple products.”
A very helpful salesperson took me to the Geek Squad counter and told me she wasn’t quite sure about the details, but the Geek Squadder probably would be.
“Oh, so you’ve been doing this for a while? Why did Apple make such a big announcement this week?”
“Maybe it was the company that expanded it,” he replied, as if he hadn’t really heard of it.
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“iPhone, maybe. And only if it’s less than five years old. MacBook, we’ll have to send it to our service center.”
“So I’ve been having issues with my MacBook Air, the keyboard is stuck, but it’s fine now. How long will it take to fix?”
“Two to four weeks,” he said. “We can’t give you a specific time. It depends. But we’ll let you know what’s going on. It’s fast shipping, you’ll get an email when it arrives, you’ll get an email when it’s being worked on , an email when it’s fixed and an email when it’s done.” when we expect it.”
“Oh, so it’s more like an Apple store. So if my iPhone breaks, can I get it?” I asked.
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“If it’s simpler things like a broken screen or a battery change. If it’s the receiver, we have to send it to our service center,” he explained.
It’s clear that Apple wants to expand repair options and make the Apple Store feel a little more empty. Best Buy, on the other hand, can often feel pretty empty. So a few more people wandering around certainly wouldn’t hurt.
But if you live near an Apple store, you still have the peace of mind that you can get the repair done there faster than if the car had to be shipped to Kentucky.
I thanked the very kind man for the bad news and felt sad, but I realized that a concentration of genius was in Mitch McConnell’s condition, not mine.
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But as I started to leave, Geek Squadder had one more thought for me: “If you’re wondering, we’re the same price as the Apple Store.”
Related 19 best Apple deals right now: iPad, MacBook and more on sale Apple hits 2 billion devices in use, but it’s not all good news. ‘ of products at the retailer is not expected in the middle of the supply chain disruption.
Best Buy founder Richard Schulze said Wednesday that he “feels good about the holiday season” despite rising inflation.
Schulze acknowledged there will be “one-time disruptions,” but told Cavuto: Coast to Coast he remains optimistic about holiday trading.
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