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BEST BUY IMPLODES: Misses Revenue, Firing 400, Closing 50 Stores

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BEST BUY IMPLODES: Misses Revenue, Firing 400, Closing 50 Stores Empty BEST BUY IMPLODES: Misses Revenue, Firing 400, Closing 50 Stores

Post by Guest Thu Mar 29, 2012 11:32 am

Electronics retailer Best Buy announced it would close 50 big box locations in the U.S. as it refocuses its operations around mobile.

The company said it will launch 100 new mobile locations as it retools its domestic store format.

The announcement was timed with the company's fourth quarter report, where it sharply beat analyst expectations on the bottom line. Over the final quarter of 2011, revenue grew three percent to $16.6 billion while earnings per share hit $2.47.
http://finance.yahoo.com/news/best-buy-shutter-50-big-120457157.html

Our new economic system, make a profit, downsize and lay-off employees so you can make an even bigger profit next quarter!!

If this trend continues, there will be no consumers to buy their goods. Don't they realize that????
no

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Post by Guest Thu Mar 29, 2012 4:55 pm

Thank you for posting this, Desperationing. You really keep up on matters and you sure have your finger on my trigger!

Many thanks!!!

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Post by Marian Thu Mar 29, 2012 11:55 pm

Wow!

Circuit City closed a few years ago, Good Guys closed soon after and now Best Buy! This is crazy! Do people seriously buy electronics online? I want to see the TV, stereo, etc., before I buy them... Wow!
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Post by tristen303 Fri Mar 30, 2012 1:30 am

On a positive note maybe that means the comeback of the small family owned stores that the mega store destroyed via price? Thoughts?

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Post by Marian Fri Mar 30, 2012 1:33 am

That would be nice...
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Post by Guest Fri Mar 30, 2012 9:51 am

Are there even any "small, family-owned" stores anymore? All Best Buy is doing is downsizing their operating space to a Kiosk in a mall to save money and reap higher profits.

Personally I don't care if I see an electronic device before I buy it - the way things are going, we'll be lucky if we are able to buy one again. I have no money to buy this stuff. I'll be celebrating on Sunday when my food stamp card is reloaded!!

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Post by Guest Fri Mar 30, 2012 11:31 am

tristen303 wrote:On a positive note maybe that means the comeback of the small family owned stores that the mega store destroyed via price? Thoughts?

Tristen303, where on earth would this business model fit in? I'm confused.

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Post by Guest Fri Mar 30, 2012 12:09 pm

aloneinNY51 wrote:
tristen303 wrote:On a positive note maybe that means the comeback of the small family owned stores that the mega store destroyed via price? Thoughts?

Tristen303, where on earth would this business model fit in? I'm confused.
Not surprised. Rolling Eyes

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Post by Guest Fri Mar 30, 2012 2:26 pm

tiya wrote:
aloneinNY51 wrote:
tristen303 wrote:On a positive note maybe that means the comeback of the small family owned stores that the mega store destroyed via price? Thoughts?

Tristen303, where on earth would business model fit in? I'm confused.
Not surprised. Rolling Eyes

Hon, you're cute as a button but you're obviously pushing mine unnecessarily. Don't feel inferior, just add value when you post and abide by the "no attack" rules of this forum.

Wanna *moderated by X*?

xox

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Post by Guest Fri Mar 30, 2012 2:47 pm

Hey guys! Don't want anyone tingling in any one's tangle, let the Admins and Mods do that! If you see a post you feel is offensive, please use the "Report Post" button in the comment box and we will look into it asap!!

Thanks......continue on! Very Happy

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Post by Guest Fri Mar 30, 2012 3:00 pm

I hit the moderate button, DesperateOnTheButton (giggles, just kiddin')!

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Post by elvis44102 Fri Mar 30, 2012 8:19 pm

stores are closing, because people DONT have money to spend period....there is no "business model" that can overcome this....

henry ford understood this when he gave his workers a good wage so they could become consumers as well
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Post by Marian Fri Mar 30, 2012 8:37 pm

elvis44102 wrote:

henry ford understood this when he gave his workers a good wage so they could become consumers as well
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Post by Marian Fri Mar 30, 2012 8:37 pm

We need more intelligent employers! Wink
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Post by tristen303 Sat Mar 31, 2012 12:40 am

aloneinNY51 wrote:
tristen303 wrote:On a positive note maybe that means the comeback of the small family owned stores that the mega store destroyed via price? Thoughts?

Tristen303, where on earth would this business model fit in? I'm confused.

It wouldn't be Best Buys model, since they are a chain they would be closing the none performing stores (as opposed to cost averaging the none performing with the performing stores). A Best Buy store that was under performing (do to the financial factors of being in a chain) might still earn enough profit for a smaller store (much like the ones they over took).

People are buying the problem is that they are just not buying in sufficient numbers to cover all the expenses and profit projections of a big box retailer.

The scale of economics for a mom and pop shop are much different and there is still a demand (albeit much smaller) that might fit that model better.

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Post by elvis44102 Sat Mar 31, 2012 2:42 am

by tristen303 Yesterday at 11:40 pm

""""It wouldn't be Best Buys model, since they are a chain they would be closing the none performing stores (as opposed to cost averaging the none performing with the performing stores). A Best Buy store that was under performing (do to the financial factors of being in a chain) might still earn enough profit for a smaller store (much like the ones they over took).

People are buying the problem is that they are just not buying in sufficient numbers to cover all the expenses and profit projections of a big box retailer.

The scale of economics for a mom and pop shop are much different and there is still a demand (albeit much smaller) that might fit that model better. ."""""

In the interests of being positive, i will agree.....some new business model will emerge...by the way i shop for electronic stuf (PC) at micro center, they have high volume and offer comparable prices of any major online store.

http://www.microcenter.com/
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Post by Guest Sat Mar 31, 2012 3:28 pm

Basically it's the fact that a shift in wanting handheld tablets, game boxes, and items like that far out weigh the need for a hundred different entertainment centers blasting away - this is not where Best Buy is making their money.

So they'll shut down the huge warehouse like stores and move the current market into smaller stores... else nose dive like Circuit City did.

"China Town" will continue raking in our dough until the last standing U.S. citizen with electric just cutoff runs out of juice on their iPhone because the country didn't have the brains to take a hard stand on foreign labor, and the H-1 yuppies will fly home.

This country is going down the chutes, no question about it.

iPad 8s to be renamed frisbees. Man am I in a bad mood!

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