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Best Buy to cut costs, open and close stores

Old 10-12-12, 03:50 PM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by Deftones
Looks like Best Buy wants to compete with Amazon this Christmas by matching online prices: http://www.bgr.com/2012/10/12/best-b...tching-amazon/

this might get me to shop a little more there than Amazon.
Interesting. I got an email from Toys R Us a few days ago saying that they will start price matching competitor's ads, which they never did before, and online prices for baby gear only. So I guess the retail space is getting a lot more competitive.
Old 10-25-12, 02:23 PM
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Re: Best Buy to cut costs, open and close stores

The guillotine has fallen at Best Buy:

From Twice.com:


Best Buy Cuts Top Of U.S. Operations; Vitelli To Retire

Minneapolis – Best Buy has reorganized its executive ranks, with the top layer of its U.S. operation being “removed, resulting in a leaner structure intended to improve the company’s agility.” This includes president of Best Buy's U.S. business, Mike Vitelli, who will retire from the company at the end of the fiscal year.

In a statement late today, Best Buy said it made the move to be “more responsive to business opportunities and challenges,” which will make it “a leaner structure intended to improve the company's agility.”

Hubert Joly, president/CEO, said in the statement: “One thing I have learned in helping turn companies around is that a business needs to have a nimble organization. Our new organization will help build a closer connection to our customers and front-line employees, as well as accelerate our transformation.”

Effective Jan. 1, 2013, Best Buy's operations in the U.S. will be structured around the following groups:

Two channels - online and retail: While online continues to be overseen by Stephen Gillett, digital and marketing president, Shawn Score is appointed to lead the U.S. retail channel.

Three business groups - connectivity, home and services: Jude Buckley is promoted to head the connectivity business group, succeeding Shawn Score, while home and services will continue to be led respectively by Mike Mohan and George Sherman.

Support functions, including human resources, finance, legal and marketing, will have no leadership changes.

In this phase of Best Buy's transformation, these groups will report directly to Joly. Vitelli, will retire from the company at the end of the fiscal year and will work closely with Joly to ensure a smooth transition, the statement said. Executive VP of U.S. operations Tim Sheehan will leave the company at the end of the month.

"Shawn Score and Jude Buckley have done a great job growing Best Buy Mobile and then leading the connectivity business group. I look forward to working with them and the rest of our team as we re-invigorate and rejuvenate Best Buy," said Joly. "Mike Vitelli and I will work closely together during the next few months to ensure a smooth transition. I am very grateful to him for everything he has done for the company and for his terrific support."

Vitelli said in the statement, “My time here has been incredibly rewarding and a true honor. The next few months will be devoted to winning this holiday season while working with the leadership team, our vendors and other partners to ensure an orderly transition. I will miss the men and women of Best Buy and retire from this great company certain that its best days are ahead."

The channel and business group changes announced today will be effective on Jan. 1, 2013, as Best Buy said it will focus more immediately on the holiday selling season. In recent weeks, the company has emphasized a series of initiatives designed to attract more consumers to its e-commerce platforms and physical stores, including offering free shipping. Over the past several months the company has significantly increased its investment to train its sales force to better serve its customers. For the holiday season, Best Buy has also given its sales associates, known as Blue Shirts, the authority to match online prices in key categories.

Best Buy will hold an Analyst and Investor Day on Nov. 1 in New York City, with presentations beginning at 1 p.m. ET. The event will be hosted by Joly who will share his assessment of the business and the areas of focus going forward and include presentations by other members of the executive team.

The chain also updated its expected results for the fiscal third quarter ending Nov. 3, 2012. Comp-store sales are expected to decline at a rate consistent with the range of results for the first two quarters of fiscal 2013 (-5.3 percent in the first quarter and -3.2 percent in the second quarter). Gross profit rate is expected to decline at a rate similar to that experienced in the fiscal second quarter of 2013, with a decline of more than 100 basis points compared to the prior-year period, due to the impact of product mix and product transitions in advance of several key new product launches. The company expects SG&A expense percentage growth to be in the low single digits over the prior-year period, due to investments related to the company's strategic focus on improved customer service (including increased training and higher compensation costs for sales associates). As a result, the company expects fiscal third quarter adjusted (non-GAAP) earnings per diluted share will be significantly below the prior-year period.

Best Buy plans to release fiscal third-quarter 2013 results on Tuesday, Nov. 20, at 7 a.m. CT and is scheduled to conduct an earnings conference call at 8 a.m. CT on that same day.
Old 10-25-12, 04:25 PM
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Re: Best Buy to cut costs, open and close stores

I'll fix up the store by me for free- if it works they can pay me and implement it in the rest of their stores, if it doesn't then they can fire me and pay me nothing.
Old 10-25-12, 04:46 PM
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Re: Best Buy to cut costs, open and close stores

So they're still keeping retail and online separate? Seems almost obvious that those 2 sections need to be integrated more then they are at the present time.
Old 10-25-12, 10:23 PM
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Re: Best Buy to cut costs, open and close stores

Retail and Online needed to be integrated 10 years ago.
Old 12-25-12, 09:13 PM
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Re: Best Buy to cut costs, open and close stores

didn't think it was worth starting a new thread for- does Best Buy still allow you to buy Kindle gift cards and pay with BBY gift cards?
Old 12-26-12, 07:33 AM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by SethDLH
didn't think it was worth starting a new thread for- does Best Buy still allow you to buy Kindle gift cards and pay with BBY gift cards?
What's the benefit there?
Old 12-26-12, 08:59 AM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by Trevor
What's the benefit there?
I used $20 in RZ certs toward buying a $25 Amazon card so I could buy a bunch of PC games. The deals they've had going are insane, so I can definitely see why one would want to do it.

SethDLH, I'm pretty sure you shouldn't have any problem doing it.
Old 12-26-12, 09:26 AM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by mink-e
I used $20 in RZ certs toward buying a $25 Amazon card so I could buy a bunch of PC games. The deals they've had going are insane, so I can definitely see why one would want to do it.

SethDLH, I'm pretty sure you shouldn't have any problem doing it.
OK, I guess I sorta see that. RZ certs are basically cash, and if you earn them you obviously buy stuff at BB, but I guess if you don't want anything at BB it's a way to move it to funds you want to spend.

BB is also giving 20% off iTunes cards for RZ members until the 29th btw.
Old 12-26-12, 05:52 PM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by Trevor
What's the benefit there?
things I want are cheaper at Amazon and I can add that to credit I already have there.

Originally Posted by mink-e
I used $20 in RZ certs toward buying a $25 Amazon card so I could buy a bunch of PC games. The deals they've had going are insane, so I can definitely see why one would want to do it.

SethDLH, I'm pretty sure you shouldn't have any problem doing it.
Thanks. I much prefer shopping with Amazon and have done the exchange of gift cards in the past but not for about a year so I wasn't sure if anything had changed.
Old 12-27-12, 04:04 PM
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Re: Best Buy to cut costs, open and close stores

Wait. The Kindle gift cards are nothing more than Amazon.com credit added to your balance?
Old 12-27-12, 04:35 PM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by Brent L
Wait. The Kindle gift cards are nothing more than Amazon.com credit added to your balance?
That's how it worked for me. I bought $25 worth of digital download games no problem. I don't believe it differentiates what you can spend it on like mp3 or video credit.
Old 12-27-12, 06:05 PM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by Brent L
Wait. The Kindle gift cards are nothing more than Amazon.com credit added to your balance?
Kindle gift cards just add Amazon credit to your account and can be used for anything on Amazon.
Old 12-28-12, 01:03 PM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by Brent L
Wait. The Kindle gift cards are nothing more than Amazon.com credit added to your balance?
If you read the Kindle cards, it says to be used on Kindle products and "millions of other products sold by Amazon." So I think the stipulation is that as long as it is sold by Amazon themselves, the cards basically work like a gift card.
Old 12-28-12, 01:33 PM
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Re: Best Buy to cut costs, open and close stores

I have bought other items besides those sold by Amazon.. so basically these are Amazon.com gift cards in my opinion..
Old 12-28-12, 03:23 PM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by b2net
I have bought other items besides those sold by Amazon.. so basically these are Amazon.com gift cards in my opinion..
Nice to know. I wasn't going to risk trying to buy something that wasn't sold by Amazon when I did it in the past.
Old 12-28-12, 04:34 PM
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Re: Best Buy to cut costs, open and close stores

Basically you add the number from the back of the gift card to your gift card balance.. and then use it as needed... also, you can see how much GC is going towards your purchase before you confirm the order... enjoy..
Old 01-02-13, 03:53 AM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by Deftones
Looks like Best Buy wants to compete with Amazon this Christmas by matching online prices: http://www.bgr.com/2012/10/12/best-b...tching-amazon/

this might get me to shop a little more there than Amazon.
So, this price matching of online retailers was originally only valid through Dec. 24.

It's now been extended through Jan. 31. Maybe it'll become permanent.

http://www.bestbuy.com/site/TV-Video...at290300050001
Old 01-05-13, 06:49 PM
  #194  
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Re: Best Buy to cut costs, open and close stores

I honestly hope it does.
Old 01-16-13, 04:15 PM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by Todd B.
So, this price matching of online retailers was originally only valid through Dec. 24.

It's now been extended through Jan. 31. Maybe it'll become permanent.

http://www.bestbuy.com/site/TV-Video...at290300050001
It's too bad nobody in the stores know this. I was about to make an impulse purchase for a Turtle Beach headset and I was informed by an employee and then a manager that's not the case.

I then informed Best Buy via their online chat about my experience and I got a similar "meh" attitude and response.

I'm glad Amazon continues to get my business.
Old 01-22-13, 07:58 PM
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Re: Best Buy to cut costs, open and close stores

http://forums.bestbuy.com/t5/Best-Bu...hread-id/84766

Old 01-23-13, 06:53 PM
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Re: Best Buy to cut costs, open and close stores

store in ronkonkoma by me is closing april,sales start 2-10 they said
Old 02-02-13, 03:44 PM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by mooovies
store in ronkonkoma by me is closing april,sales start 2-10 they said
Ronkonkoma on Long Island?
Which store are you referring to?
Old 02-04-13, 12:18 AM
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Re: Best Buy to cut costs, open and close stores

Since I was already in the area, I stopped by the Best Buy on Arden today (their first Sacramento store)- GOD was it pathetic! A very large number of discs in the "on sale" section were out of stock- either they had sold them all out the first day, or they just didn't have any (I'm betting the latter.) Most of the regular shelves were on the empty side too. Of course I heard someone get accosted by the DirecSpam guy.
Old 02-04-13, 10:08 AM
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Re: Best Buy to cut costs, open and close stores

Originally Posted by mooovies
store in ronkonkoma by me is closing april,sales start 2-10 they said
Originally Posted by Geddlo
Ronkonkoma on Long Island?
Which store are you referring to?
It must be the one on Portion Rd. That's the only one left in that area.

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