Budget Savvy Diva Opinion: Is BEST BUY next on the Bankruptcy Chopping Block?

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I try and keep you my reader as informed as possible for what is happening in the world of shopping – I hope you forward this post to friends and family because if this does not affect you directly it may affect them- to share – there are neat little social media buttons at the bottom of this post – easily post on your facebook or twitter :) Thank you so much.

Just two years after its arch rival (Circuit City) was knocked out of the ring, Best Buy is itself on the ropes. Personally I am not a huge fan of Best Buy – I find that it is over priced on many things – I mean what does Best Buy offer that Amazon does not – except for an empty tank of gas in your car.
Did we not just see Borders crumple from the growth of Amazon.com and sites like it.
I am optimistic on many things but when you look at the growth of Amazon – Amazon’s electronics and nonmedia revenue rose 66% to $18 billion last year – it is hard to think Best Buy has a chance. What do you think?
A key to that success is that Amazon beats bricks-and-mortar retailers across the board on average electronics prices. Best Buy, on the other hand, traditionally hasn’t tried to compete on price alone but has preferred to highlight its tech-savvy staff and wider selection. I have found the staff pretty pushing and trying to up-sell me ( which is a losing battle when you are dealing with a Budget Savvy Diva).
The times are changing thus the way we buy must change as well – is the closing of bricks and mortar stores simply growing pains??
I have seen first hand consumers  comparing  prices — ironically, using applications on the smartphones they can purchase in Best Buy. Shoppers can visit Best Buy stores to examine items before buying them elsewhere. I applaud the budget savvy style – but I feel a little bit of sadness – for every store that closes means more jobs loss.
Best Buy’s edge has been apparent when shoppers wanted new technologies like LED TVs, which it sold with more success than rivals. But high hopes for 3-D television have faded, and there is nothing promising on the immediate horizon. IN the end the this Budget Savvy Diva feels that unless a new technology takes hold, the worst of times are likely to come for Best Buy.


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  • Chelsea

    When I shop in-store and compare prices online, I give brick and mortar stores a chance not to lose my busines – IF they will match the online price. Unfortunately, Best Buy’s policy is that they will only match prices in local competitors’ print ads. I understand the higher cost of maintaining an in-store inventory, but they need to wake up to the fact that customers are literally putting an item back on the shelf and going home to order it online. If they can’t offer a unique incentive to those customers, they’ll just keep losing more and more business.

  • Sarah Arkell

    I actually like Best Buy we have bought almost all of our tvs ob sale better priced then amazon in fact they let is return a tv we used for a month for a better deal which included a sound system and I buy a lot of the Disney dvd deals there. Lately good prices also I’ve had good luck with kitchen appliances believe it or not. Don’t get me wrong I love amazon but on some items best buy is better I also like their rewards program I recently couldnt login they gave me a $15 credit just for the trouble.

  • BBYEmployee

    I am a full time employee(Suppose to mean a leader, but doesn’t) at a BestBuy and can say I am actively looking for new employment. There are “SOME” great deals at BestBuy, but at employee discount we are getting HDMI Cables for 2-11$(our2$=ur30$ cables and our11$=ur120$ cables).There are SEVERE markups on a lot of product, but computers are right at cost. In the end a business has to make money to stay alive. I can tell you our enemy is our strength(Helping people stay connected) because the more connected people are the more you shop at places like Amazon. Sure we strive to give the customers the “Ultimate” experience when they come through our doors. It’s what we get paid for and what we love doing(well some of us love doing), but the fact of the matter is, until we offer 100% free delivery on all item like tv’s and appliances ALL THE TIME, I don’t see how we are going to compete in the future market. We are working on that BTW. The biggest thing I believe in MY OWN OPINION is that BestBuy is a good company. I also believe we have to put up with a VERY spoiled Nation and that drives us(People I work with)NUTS. For example:
    Scenario:Laptop is $599.99 on sale for $470.99
    Lady: I want THIS laptop, no extended warranty, NOTHING extra. I know it is on sale, but I “know” you can do better in price.
    Associate: I am sorry ma’am, but we already have this computer below our cost and we cannot drop the price any more. We do, however have deals on other(Woman interupts here).
    Lady: You know what never mind I will go to Wal-Mart.(Turns and walks out).

    This is a “DAILY” situation we face in our store much less others. We deal with these “grown” people on the daily who act worse than their children throwing fits in store, but we STILL give great deals, we STILL smile, and we STILL push through it. So I guess in the end it is not the business that has the most flaws, but the spoiled attitude of the average consumer that hurt our business the most.

  • vivek

    I do not think best buy will survive the tide, when people started conserving money for their hard time. With economic turmoil every one is trying to get the deal around.Best buy has worst policies ever, hence i got to best buy window shop around and get it from Amazon.
    I have a T.V that fry’s offered for $799, went to price match at Best buy they said they can not match the price , since i had a raincheck.Fry’s finally delivered that after a week, but Best buy lost it chance to make it to a sale. Poor Guys they are on the same track as Circuit city, some people never learn from history….