The financial trouble of electronics retailer Best Buy has been widely covered (by myself included!), so it was no surprise when the company announced they would be closing stores. What did come as a surprise was the announcement that they plan to open 100 Best Buy Mobile stores. In the latest edition of Retail Rap, I take a look at the company’s shift in focus and the monumental task it may be.
Fresh off the resignation of CEO Brian Dunn and the revelation that the company lost a not-so- insignificant sum of $1.7 billion last quarter, Best Buy’s recent announcement to close 50 stores by the end of 2012 probably didn’t come as a surprise to anyone in our industry. What may have been surprising to some — myself included — is their plan to roll out 100 Best Buy Mobile stores.
Check out the full article from my recurring column, Retail Rap, at Chain Store Age.