Best Buy Founder Suggests Amazon-Like Pricing, Apple-Like Service To Revive Company
Now, founding Richard Schulze -- the man who has previously proposed that Best Buy return to being a private company -- has a new public plan for reshaping his baby. Best Buy needs to be reconsidered if it is to adequately compete with Amazon, and the plan involves mimicking that very company. Basically, he wants to slash prices to align with those on Amazon, while also providing in-store customer service on a level associated with Apple Retail stores. That's no small feat. Best Buy would likely resort to razor thin margins if it slashes prices to meet Amazon's level (after all, Best Buy would still have to pay infrastructure costs that Amazon doesn't have), and a new training program would likely need to be put into place to get those employees up to speed on his new service goals.
Will Best Buy go private? Will it soon be the Amazon of B&M? Will it return to its former glory? Something tells us 2013 will be a make or break year in a lot of ways.