Best Buy Collapse? Company Will Shift To New Model, Close 50 Existing Stores

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Best Buy Implodes

Best Buy, the popular retail company has been in the news for the past few months now. The news is all about the state of the company’s share price in the stock market. The company is on the way to shifting to a new business model with mobile sales and smaller stores in plan. A reliable source said that, the  plan is to boost the sagging revenue of the company and also help in competing with rivals such as Amazon and Wal-Mart.

Best Buy’s Big Box Stores in the state will be closed – and it has been confirmed by the company that 50 will close down this year, 2012, the company said early in the morning today.

In its plan to get back into the business, Best Buy will test the new model stores in several popular places such as Texas, San Antonio and St. Paul, Minneapolis. The renovation of the company would reduce store square footage by at least 20%, and it should be finished by the end of this year, maybe around the next Christmas.Best Buy BBY STOCK

The source said that the those new “Connected Stores” will focus more on selling cell phones, tablet computers & e-readers. Also, the store will feature other service plans that were not offered by Wal-Mart or Amazon.

Please watch the video below for an interview about Best Buy and some other information.

 

Sources:

Forbes

Yahoo

CEO Brian Dunn said:

“he is not satisfied with how quickly the company is responding to a rapidly changing retail environment. Investors don’t seem satisfied either; Best Buy’s stock was down in morning trading.”

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Olawale Daniel is a business builder and psychologist, a network marketing professional, a world-class motivational speaker, a successful internet entrepreneur and a digital media strategist interested in all things mobile and digital — start-ups, media, branding. He started TechAtLast back in 2010 as a platform to quench his thirst for latest technologies. As a motivational speaker and author, Olawale has published several motivational and personal development books and he's currently working on "SUCCESS AHEAD - Don't Quit" which is billed to hit the stand by Q4 of the year. He writes regularly on his personal website on motivation and personal lifestyle and tips for network marketing success, OlawaleDaniel.com. His latest book on How to Sponsor More People in Your Network Marketing Business is still one of the best sellers in its category. He's presently working as a Health and Wellness consultant at BURN SLIM TRIM Inc., a firm that helps people regain their perfect lifestyle through state-of-the-art recent discoveries way back from nature. He's also the brain behind FOBCourse, a business university for startup entrepreneurs in Africa.

3 COMMENTS

  1. Hope that the store will not close or even be rebranded. I grew up with using Best Buy products and it will be hard for loyal customers like me to see our favorite store not operating anymore or changes into a new shop.

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