http://www.marketwatch.com/story/be...t-sales-disappoint-2010-12-14?dist=beforebell The FED QE II will make "everything" go up....hum, go "down"...
I cant stand best buy, ever walk into one of those stores. How they stay in business is beyond me, the sales help is just damn pathetic when it comes to anything in that store. Maybe that's why the stock is down over 10% today. Last time I walked in there with a friend to buy a tv, we were standing in front of the tvs and not one person offered to help or even ask if we needed help. About ten feet away there were about 6 or 7 employees huddled up in a group just talking and laughing. I even used my cellphone camera which I NEVER use to take a pic of this, just to show people that best buy is filled with worthless employees. I guess they think they can sit back and relax now that one of their main competitors went under just a couple of years ago.
Hmm, the Best Buy stores around us are completely different. I have 2 or 3 people coming up to me asking if I need help with something. If I do they stick with me until I'm done, or if I tell them no they don't harass me they just let me know to ask if I do need help. It has been 3-5 years now that it has been this way, but before that I will say it was a different experience. I always joke with the wife that they must have one of those corporate brainwashing programs running, as it is almost too nice when you walk in anymore.
The problem with BBY is the huge overhead. How much do you think it costs to cool and power those buildings with so much empty space? How much do you think it costs for all those employees/managers/etc.. manning the shop? It is a lot of overhead + Sales tax. Then you have Amazon.com etc.. And even local retailers with smaller expense overhead which means they can undercut BBY even at the local level. They also stock stuff that makes no sense but adds to the cost of carry.
best buy is on the way to chapter 11 bankruptcy. so far circuit city bankrupted. Fry electronic will be next
yep..any savvy shopper in his right mind would buy online. at least 25% cheaper + no sales tax..long online retailers,fedex and UPS,short BBY,staples etc
Though it's not all their employees, Best Buy definitely needs to implement better employee training.
It really is just more proof positive of the long term effects of the internet on the bricks and mortars industry. Slowly but surely, retailers are dying off as the demographics catch up and, as others have mentioned, there is just no way to be price competitive with all of the overhead plus sales taxes. Best Buy with less direct bricks and mortars competition is slowly falling apart and that pretty much tells the whole story. And once again, someone has to come clean with the fact that this idea of jobs re-surfacing is total fiction. The internet and online retail was always going to be a complete jobs killer. Takes out all the wage earners and funnels the profits more directly. It's simply taken time for the consumer to become conditioned to the shifting dynamic in purchasing online vs at the mall.