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> How Best Buy is winning against all odds
сообщение Jun 17 2019, 18:12
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n the quaint era of retail that was the 1960s, St. Paul, MN, native and high school dropout Richard M. Schulze launched a store geared toward audiophiles and music lovers called the Sound of Music. He had worked as a consumer electronics salesman after a stint in the Air Force, and his skills helped him quickly expand to a chain of nine or so stores.

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But, according to lore, a tornado taught him a lesson about an impending style of retail. Forced to hold a sale after a twister destroyed one of his locations, people flocked to the event, despite its impersonal warehouse vibe. That prompted him to change his approach in 1983 — expanding his merchandise beyond Hi-Fi equipment to include computers and other electronics, enlarging his locations to 18,000-square-foot big-box stores and competing to a large extent on price. Taking note of shoppers’ irritation with the hard sell approach of salespeople working on commission, he also changed his compensation policies. Sound of Music became Best Buy geek squad.

Schulze no longer plays a pivotal role in the company he founded (he now has an emeritus title and serves as an "advisor" to the board). But the retailer is contending with other twisters — swiftly changing consumer expectations about shopping and the encroachment of retail’s great disruptor, Amazon, into its category.

A few years ago, things seemed dire. As with the storm that leveled a store, however, the company sees today's retail as an "opportunity-rich environment." At their investors day conference in September, Best Buy executives — including CEO Hubert Joly — outlined their strategy to advance the electronics retailer from a defensive stance to a growth strategy. "Best Buy 2020: Building the New Blue," includes "expanding what the company sells and evolving how it sells." That was a pivot from its more defensive 2012 position, Renew Blue, which was focused on cost cuts, store closures, merchandise changes and improved customer service — a strategy that halted its declines.
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Текстовая версия Сейчас: 25th January 2020 - 14:33