Best Buy seeks best retail model
by Brian Turner
In a bid to increase sales, Best Buy - the largest consumer electronics retailer in the United States - has turned to the targeting of niche markets, as it remodels some of its stores to appeal to specific groups, rather than having each store try to be all things to all people.
Each new store is now focused on one or two specific types of client.
Best Buy claims that the 67 stores it has already restructured to the new format have reported sales increases of 8.4 percent, compared to an increase of 2.3 percent at its more traditional stores.
The company has said that by the end of next year it expects to have converted 250 to 300 of its 800-plus stores in the United States and Canada to the new model.
In addition to exploring the possibilities of this non-traditional kind of store model, Best Buy also has plans to extend its new computer service work by enlarging it and by offering repair service to small businesses in some markets.
In this effort, Best Buy has said it will add 5,000 new “Geek Squad” employees to its current service staff of 7,000 in the coming year.
Discuss this in the Finance Markets forums
Story link: Best Buy seeks best retail model
Add to Bookmarks:
Related financial stories to: Best Buy seeks best retail model
- Microsoft seeks to increase system revenues
- Real estate, retail lower in Tokyo
- Retail sales fall at fastest rate for two decades
- CNOOC seeks advice on Unocal bid
- Home Retail leads DIY retailers lower
- US retail sales decline in January
- Retail takes Wall Street lower
- UK retail sales drop in January
- Unexpected rise in UK retail sales
- BMA seeks greater transparency in bond transactions
Tags:
Previous: « Eurozone manufacturing stagnates
Next: Oil price rise impacts markets »
Visited 396 times, 1 so far today