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NEWS > BUSINESS > BEST BUY SALES DIP DUE TO LACK OF “SHINY-NESS”

BEST BUY SALES DIP DUE TO LACK OF “SHINY-NESS”

July 26 2008

Richfield, MN – Best Buy has unveiled a plan to massively restructure the layout of their 1400 U.S. based stores in an effort to turn around sluggish sales performance over the last two quarters. The company announced on Friday that the layout change, which has been in development for the last two months, will be implemented in all stores by the end of August.

“Best Buy is committed to providing our customers with the absolute best shopping experience in the world. We believe that these changes will be a positive change not only for our bottom line, but also for our customer base, providing them with the absolute best shopping experience in the country,” said company spokesperson Dwight MacDonald. “The changes we are undertaking will present our customers with a totally fresh experience, while still retaining the look and feel that they are used to will shopping at our stores. We are very excited about the changes, and we hope our customers will be just as excited.”

The company did not give precise details on the restructuring but stated that the design philosophy design had fundamentally changed. Displays will receive a glossy plastic coating and all stores will have a two fold increase in the number of lights. The effort is an attempt to increase the “shiny-ness” of the product in store.

“We have conducted numerous customer surveys and come to the conclusion that when product looks shiny and fresh people are more inclined to purchase, whether or not they were initially interested in said product,” continued MacDonald. “Aesthetics are important in all walks of life including shopping. Shopping is a very important part of many people’s lives and we want to give those people the best experience possible. We want to ensure that our customers have the opportunity to see and purchase everything we have to offer, to give them the best experience possible.”

Best Buy hopes to turn around dipping sales performance insisting that the look of product and not the recent downturn in the economy is the reason behind the slip.

“Display and presentation are of course fundamental in retail,” said Scrape TV business analyst Ken Green. “My guess is that Best Buy’s drop is a result of the current economic climate and not the look of the stores. I wouldn’t expect to see a massive uptick in sales performance as a direct result of this action. My gut is telling me that this is more likely an attempt to dazzle investors rather than customers. We will see if it has an impact.”

Best Buy stock rose thirty-eight shiny pennies on the announcement.

William Ashford, Business Correspondent

NEWS > BUSINESS > BEST BUY SALES DIP DUE TO LACK OF “SHINY-NESS”

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