Best Buy, which held on so much longer than its fallen competitors such as Circuit City, is reeling from massive losses and store closures.
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The media and electronics giant announced today that CEO Brian Dunn has resigned.
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According to the news release put out by Best Buy, “There was mutual agreement that it was time for new leadership to address the challenges that face the company,”
Mike Mikan, Best Buy’s new interim CEO, made the following statement:
“The Best Buy team and I will be extremely focused on successfully managing this period of transition. I want to assure our employees, customers and other key stakeholders that we will work together to achieve our company’s growth and profitability goals,”
Best Buy, along with book stores, record stores, and video stores, has fallen prey to the inexorable march of technology towards more convenient and (usually) cheaper online alternatives. One only has to look at the thousands of husks that were once Hollywood Video and Blockbuster locations to see the way consumers have become accustomed to shopping in recent years.
Will you miss the brick-and-mortar store experience when it’s eventually minimized or gone, Insiders? Have we gone too far by trading that simple, tactile pleasure for the ease and cheapness of online shopping?
[via MarketWatch]
It is to bad. But the stores are all going down the crap can…
Everything is online now.
Best Buy was at one time a great place to go to. But it has taken a fall.
Sad but true.
Is anyone really surprised Best Buy is a sinking ship? Remember when they ripped off customers with the fake website you accessed from terminals within the store with all prices increased. What board member or exec in their right mind thought this was a good idea? I for one wasn’t thrilled with Best Buy to start with and after that, I rarely ever went into the store.
This is capitalism at its finest. When you (Best Buy) try to overcharge for your products, cheat people through crappy warrantees, and generally treat your customers like idiots; you’re going to see competition step in and appease them. I have no sympathy for this company that should have been gone along with the other box stores. Good riddence.
Though Shane did not mention it, many reports indicated that Dunn stepped down for “personal misconduct reasons”
Anyone want to guess what that is?
I got sick of Best Buy employees not answering questions and telling me to “go to the website” to get the answers. If you’re not going to buy installation services the employees literally walk away from you. My expectations are so low I don’t require the employees to have an encyclopedic knowledge, but it’s obvious management has placed such bottom-line metrics on each employee that the employees feel the need to be rude because time spent not making a sale is considered wasted time.
To me it’s not a matter of Brick and Mortar vs Online, it’s just that Best Buy got “out of whack” with prices and services.
I used to shop at Best Buy all the time, now if you take any random item that’s available at say, Walmart:Target:Fry’s:and Best Buy and compare prices Best Buy is always the most expensive.
And not by a little. About a month or two ago I was pricing the Blu-Ray of Mortal Kombat: Legacy, of the places mentioned above Walmart was cheapest at 13.97 followed by Fry’s at 14.99 and Target at 15.99.Then there was Best Buy at 22.99!!
I mean REALLY?? about $10 over the lowest price? When you compare prices you expect a little difference and the other three are within 2 bucks.
Examples like this are why Best Buy is struggling. Near my home there is a Best Buy literally right next door to a Walmart, and they are ALWAYS getting beat price wise. Sometimes it’s close, but more often than not, it isn’t close at all.
As a person who LOVED shopping at Best Buy, to a person that doesn’t give them a second thought unless someone tells me about a great deal there…..to quote Yoda….That is why they fail.
I wanted to support my local Best Buy and even wanted to contribute to the local government by paying taxes, but the last time I shopped there, the service is only brief and the check-out person was inattentive and bordered on rudeness. So, it’s back to Amazon, even though I don’t like the conditions that they require of their workers.
The hardest thing to manage in a store like best buy is customer service. What the internet does is basically remove most needs for customer service. If you have ever contacted amazon about a specific product, they usually can not give you any more information than what is provided on the website or direct you to the manufacturer’s website. With my most recent visits to best buy being an absolute nightmare regarding customer service, I don’t mind spending the extra time to do the research myself online anymore. So will I miss b&m stores? I will definitely not miss best buy but I will miss others that continue to fall.
I hope this marks the end for Best Buy. Like others have mentioned, this isn’t an end to a brick and mortar store, this is (hopefully the beginning of) the end to an overpriced, disgusting customer service store. I had issues with them and their “holiday” greetings and my distrust and unhappiness with them only grew. Best Buy will never receive a penny of money directly again. I have not done enough research to know all the companies they are linked with financially but I will never step foot in a Best Buy store or use their website. Their wretched customer service and high prices are their downfall.
Well gee whiz!!! What Best Buy stores have you folks been going to? I have never had a rude encounter with any Best Buy associate in any part of the store. I will never shop on line as I want something right here and now and not wait for 3 or 4 days to get it. Also, I can look at the products at Best Buy and see what they really look like, not just a picture of it. I also like Sams club.
When I go there, mostly out of desperation, I like to eavesdrop on the salespeople talking to customers with questions. They often provide incorrect information, but whether it’s a lack of information or pure lying I don’t know.
I still shop at best buy not for big purchases but cd’s and blu ray’s and games and stuff and i hate walmart so i will not shop there so i just have best buy match wal mart’s price if it’s cheaper but i buy when stuff is on sale at best buy so usually stuff is no more expensive then walmart.