Does Best Buy Need To Evolve In Order To Stay Afloat?
Faced with falling sales, Best Buy's CMO explains the retailer's attempt to redefine itself and regain its competitive edge.
In a recent interview, Best Buy’s Chief Marketing Officer, Barry Judge, talked about the challenges that lay ahead for one of the world’s largest consumer electronics retailers. Although Best Buy still holds a large market share in the U.S., its profits are tumbling drastically. The company recently announced a massive 30 percent drop in quarterly profits and a decline in sales for the fifth consecutive quarter.
Judge revealed in his interview with Forbes about Best Buy’s effort to stay competitive in a market where pricing and assortment are no longer differentiators. Best Buy is now streamlining its operations, closing under performing stores and opening smaller stores in shopping malls. According to Judge, Best Buy is in the process of redefining itself by focusing on mobile technology where there’s a potential for tremendous growth. Judge added that the one aspect that won’t be changing is Best Buy’s commitment to good customer service.