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Underdog Against Amazon, Best Buy Charges Ahead
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James Stewart of the NYT describes the remarkable turnaround at Best Buy executed by Hubert Joly, a graduate of the French Etudes de Politiques in Paris and former CEO of Swedish hotel and travel company Carlson. He did this by carefully analyzing the areas where Best Buy was falling short and not delivering for customers a winning proposition. Statistics showed Best Buy had fallen behind on price. One survey showed only 23% of respondents found Best Buy prices were lowest, compared to 71% for Wal-Mart, 56% for Amazon, and 38% for Target. That Wal-Mart and Target are able to hold their own- in the case of Target with 38% along with some other advantages of customer targeting- against showrooming and internet retailers such as Amazon, and the 56% for Amazon which showed Amazon was itself not a price leader, gave Jolly insights into the strategy to pursue. Jolly took out costs elsewhere and made Best Buy the place where the shopper would get the lowest price and much more in terms of convenience, service and advice. The strategy has worked but Jolly is not complacent saying that in this business your success is only as good as your last call. Best Buy's stock is up 240% and is one of the best three stocks of 2013.
Hubert Joly, CEO of Best Buy since August 2012 and the rapid turnaround at Best Buy
04/11/2012
Joly is a graduate of the French Institut Etudes de Politiques and was CEO of Swedish hotel and travel service firm Carlson before joining Best Buy in August 2012. His strategy was to convert shoppers at Best Buy into buyers by making sure they get the best price they can get elsewhere. And to offer them service, convenience and advice. For him it was "shame on us" if the shopper walked out without buying because this was a better deal than he could get anywhere else. To do this he took out costs elsewhere. Best Buy's stock is up about 240% and is one of the best performing stocks of 2013.
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