Best Buy has launched a corporate rebranding that is both sweeping in style and represents a shocking reversal of course, undoing much of its original mission that was created when founder Dick Schulze, President Brad Anderson and crew launched an entirely new store concept known as “Concept II.” Concept II was a reinvention of their formerly more traditional superstore design to a new warehouse style discount store designed to deliver the “Best Buy” on all things tech. This new branding change is to such a significant degree that even Advertising Age Magazine (AdAge) devoted significant space to an analysis of it.
Ah…those geeks on Best Buy’s Geek Squad. They’re so cute aren’t they? With their little white shirts, clip-on black ties, and nerdy glasses taped on the nose bridge. You just know that when you give them your misbehaving computer, they’re going to get right to fixing it. But would you hand your computer over to a member of the Geek Squad if you knew he was acting as a kind of paid FBI agent by proxy, one who intends to scour your hard drive and look through your files to find anything possibly compromising to hand over to the FBI…and collect a bounty? Or would you choose a different repair center, one that simply focuses on repairing your computer?
Yes, some Geek Squad members are paid informants for the FBI… [Read more…] about Geek Squad: Nerdy Repair Man or Proxy FBI Agent?
Amazon Tests In-Home Installations
Recode is reporting that Amazon is testing an installation service for smart home products in several key test markets – in direct competition with Best Buy’s Geek Squad. While these two giants battle over the rights to install smart home solutions into the home, where does this leave the independent integrator?
See more of what we learned from Recode… [Read more…] about Are Amazon Geeks Geekier than Best Buy’s?
In a report provocatively titled “Best Buy Isn’t Dead, but It Is Dying,” top investor service The Motley Fool (TMF) suggested that number one consumer electronics chain Best Buy’s “…best days are in the past.” Written by Rick Munarriz, the report dissects Best Buy’s last financial quarter report, as well as its future forecast.
See more on why The Motley Fool took this position on Best Buy… [Read more…] about Best Buy is Dying, Declares Major Investor Newsletter
New data from market researcher Forrester Research Inc. suggests that retailers should forget about trying to attract millennials or other younger shoppers and instead shift gears to reach out to baby boomers. Why? Quite simply, that’s where the money is.
See the interesting results from this new research on buyer trends… [Read more…] about Hey Retailers – Forget the Millennials, Follow the Money
In a report out of Japan last week, the Nikkei says that Sharp Corp. has reached a deal with Best Buy that will allow the retailer to license the Sharp brand name to be used on TVs made by OEM manufacturers for smaller and less expensive TVs. Sharp will continue to retain the brand for larger-sized sets (i.e. >50-inches), while Best Buy will have their OEM suppliers make Sharp-branded sets in smaller sizes.
Then move could be risky, potentially causing a conflict between the lower quality smaller sets and the higher quality larger sets…each bearing the Sharp brand.
See more on this move designed to bring in a royalty stream with no cost of inventory… [Read more…] about Best Buy Licenses Sharp Brand Name for Smaller, Cheaper TVs Sourced from OEM Suppliers
JD Pro, an integrator based in Staten Island, New York, has made what many would consider an unusual step – taking their successful, primarily commercial integration business and expanding it into the consumer retail market space. This step, which many would consider suicidal in the brutal New York Metro consumer electronics retail market, makes perfect sense to JD Pro’s owner – especially when you consider the unique position that their company has held from the day it was founded.
Why would a commercial integrator expand into retail? See more below… [Read more…] about NY Integrator Makes Unusual Expansion into Retail
As marketers, we are always watching who’s doing what in advertising. Below is a list of the top advertisers in the first quarter of 2013. There are many familiar names here…familiar largely because, as aggressive marketers, they are regularly investing in marketing and therefore regularly appearing on this list.
Did TECH make the list of top advertisers? See here… [Read more…] about Top Advertiser Trends in Q1 2013
Multiple news outlets, including the Wall Street Journal and Reuters News Service, are reporting that Best Buy founder Richard M. “Dick” Schulze is considering abandoning his bid to take the company private. Schulze had informed the Board of Directors in August 2012 that he intended to purchase all outstanding shares of stock to take the company private. After months of study and planning, Schulze is said to be ready to scuttle the plan.
Why, after so much effort, is Schulze considering dropping his bid?…See what we discovered… [Read more…] about Founder Schulze Considering Abandoning Deal for Best Buy
Best Buy Company, Inc. announced this past Monday that two of its directors had resigned, including one that had served in the role of chief executive in the past. These departures come seven months after the departure of company founder Richard Schulze who is now working to make a bid for the struggling retailer.