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Are YOU the reason for Best Buy's slump?

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Old 11-12-2008, 02:27 PM   #1  
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Default Are YOU the reason for Best Buy's slump?

Best Buy announced just recently that sales have been slumping, and as a result dividends will not be as high for 2009 as previously expected. Are you one of the reasons why? I know I am.

Here are some recent examples of why I shy away from BB...

1. Could have bought a Sony 350 blu-ray player from my local BB for $321, including tax. Decided to buy it from ClubMac for $199. No tax, no shipping charge.

2. Could have bought the latest Sony receiver from BB for $428, includidng tax. Bought it from Amazon for $295. No tax, no shipping charge.

3. My brother wanted to buy a Sony TV from BB for $2,400, plus tax. I finally talked him into buying the same unit from OneCall for $1,800. No shipping charge, no tax.

4. Bought a Maytag washer/dryer combo from Sears, but for $100 more could have bought the same models from BB. Still slapping myself in the head for that one.

5. Like many people here who own blu-ray players and buy movies frequently, I know the difference in pricing between BB and Amazon, and I take full advantage of the savings.

Of course, it's easy to determine that the vast majority of people who are shying away from BB are doing so simply because the economy is so bad, not because of pricing. BB depends for much of its income on foot-traffic binge-buying customers who don't often comparison shop on the internet. As such, BB's current decline may be due mostly because their product line is not needed for every day survival. When the economy rebounds, Best Buy will as well.

Still, I do stop into BB every few weeks to check out what might be new, as I live right by the store. I would never pay their high prices, but I'm fascinated by things that customers tell me. On an increasing basis, shoppers seem to feel that fancy brick-and-mortar stores are often a little unreasonable in their prices, and that internet shopping may be a more attractive option.

Are you often an internet shopper for entertainment items? Whether or not, do you see net shopping as a growing trend in these tough economic times that will drive prices lower for B&M stores, or drive these stores out of business altogether?

As for me, I don't think internet shopping will hurt any area's local economy at all. Money I save from internet shopping is spent at other local businesses. However, I do wonder just how much the internet may have led to the downfall of Circuit City, and how much it may be affecting Best Buy. Right now, I think inept management doomed CC, and BB has only to wait for the economic tide to turn, but I'd like to hear your opinion and insight into this. Am I crediting the internet with too much impact, or is there cause for concern?
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Old 11-12-2008, 03:25 PM   #2  
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You sure can't see beyond that Sony equipment, it seems.
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Old 11-12-2008, 03:59 PM   #3  
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It's capitalism hard at work. In retail it's compete or get out. If a bricks and mortar establishment can't match the price of an internet seller, they had better offer some exquisite service. Otherwise, internet here I go again and again.
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Old 11-12-2008, 05:48 PM   #4  
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Enjoy it while you can, because if this trend continues someone will go complaining to the government and they will find a way to level the playing field with some sort of tax. Then that way it would cost the same in BB or on the internet.

I hope I'm wrong.
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Old 11-12-2008, 06:24 PM   #5  
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IMO, all big name retail establishments other than Walmart, have lost their focus. Their focus is not on the customer, but rather driven by their suppliers and their own greed by pushing those insidious rebates and extended warranties. They hire the cheapest help they can get. Help that can't afford to stay and gain knowledge in the product they sell. The geek squad is a sorry excuse at customer service (which you pay for) when in times past, a quality retailer took pride in setting up and assisting consumers. No more. Me thinks with the current BB business plan coupled with our economic situation, BB is headed for disaster.
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Old 11-12-2008, 07:46 PM   #6  
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Well considering Circuit City just filed for bankruptcy I see the same happening with Best buy down the road.

People are getting smarter and doing more of there shopping online. When you can get virtually anything they sell 30% cheaper with no tax or shipping charges its an obvious decision. As more and more people are getting into buying online it will only get worse.

I don't buy anything from BB. Granted there closest store is 30 miles away. When I'm there I browse but never buy. Online FTW as others have said there focus on CS is a joke and that's really the only advantage they hold.
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Old 11-12-2008, 08:01 PM   #7  
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Quote:
Originally Posted by oblioman View Post
IMO, all big name retail establishments other than Walmart, have lost their focus. Their focus is not on the customer, but rather driven by their suppliers and their own greed by pushing those insidious rebates and extended warranties. They hire the cheapest help they can get. Help that can't afford to stay and gain knowledge in the product they sell. The geek squad is a sorry excuse at customer service (which you pay for) when in times past, a quality retailer took pride in setting up and assisting consumers. No more. Me thinks with the current BB business plan coupled with our economic situation, BB is headed for disaster.
oblio! Where have you been man?
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Old 11-13-2008, 11:15 AM   #8  
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Our store has seen ups and downs so far this year. I think it's too early to tell how hard BB has been hit this year until after the holiday season, but the stock price has halved.
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Old 11-13-2008, 06:01 PM   #9  
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Do you know if you bring in an Internet ad to Best Buy they will now match these? They are getting desperate....

Plus with the reward zone I wont shop anywhere else...
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Old 11-13-2008, 06:59 PM   #10  
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BB is the reason for BBs slump. Worst Buy is almost as bad as Burntout Circuit City.
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Old 11-14-2008, 01:01 AM   #11  
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oblio! Where have you been man?
Ditto that!!!

As for Best Buy? I haven't bought anything there for almost 9 years. I had a HORRIBLE customer service experience there dealing with an extended warranty I purchased that they did not want to uphold.

And yes, Amazon is a Godsend for electronics lovers. Between them and Crutchfield (expensive I know, but EXCELLENT service) I don't have a need for other vendors or stores.
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Old 11-15-2008, 02:55 PM   #12  
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Quote:
Originally Posted by oblioman View Post
IMO, all big name retail establishments other than Walmart, have lost their focus. Their focus is not on the customer, but rather driven by their suppliers and their own greed by pushing those insidious rebates and extended warranties. They hire the cheapest help they can get. Help that can't afford to stay and gain knowledge in the product they sell. The geek squad is a sorry excuse at customer service (which you pay for) when in times past, a quality retailer took pride in setting up and assisting consumers. No more. Me thinks with the current BB business plan coupled with our economic situation, BB is headed for disaster.
Where the hell have you been buddy?

I agree that BB is a cookie cutter store with only fair support and just as likely to give erroneous info to the uninformed customer because of very poor training and possibly to make a sale that shouldn't have been made.

I do like the Rewards aspect and can usually negotiate with them on prices to remain competitive to only stores with products I buy. If they don't negotiate, I don't buy from them.

I try to give money to my local stores because without them we could only blind buy items with no showroom to look at a product before buying, but I will not over pay more than a couple of % points to do my part.

Imagine having to buy your new expensive HDTV without ever seeing it. Who would want that?
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Old 11-15-2008, 03:06 PM   #13  
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Quote:
Originally Posted by PFC5 View Post
Where the hell have you been buddy?

I agree that BB is a cookie cutter store with only fair support and just as likely to give erroneous info to the uninformed customer because of very poor training and possibly to make a sale that shouldn't have been made.

I do like the Rewards aspect and can usually negotiate with them on prices to remain competitive to only stores with products I buy. If they don't negotiate, I don't buy from them.

I try to give money to my local stores because without them we could only blind buy items with no showroom to look at a product before buying, but I will not over pay more than a couple of % points to do my part.

Imagine having to buy your new expensive HDTV without ever seeing it. Who would want that?
I 100% agree with PFC5. I refuse to buy <EDIT - expensive electronics> online without prior hands on testing of the product. You cannot detect quality of build online. You cannot get a feel for layout of buttons, remote, etc. You cannot compare floor models which may be greatly reduced in price and still have full warranty. I love to browse on line - but I prefer to look in stores. Makes me sleep a little easier.

Last edited by gosmosis; 11-15-2008 at 03:11 PM..
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Old 11-15-2008, 03:10 PM   #14  
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Originally Posted by firsTraveler View Post
BB is the reason for BBs slump. Worst Buy is almost as bad as Burntout Circuit City.
Is that true? I must live in a bubble - because around here, BB is the king. King meaning they seem to have every potential customer for miles and miles shopping there. Parking lot is always full late afternoon through early evening. CC is always empty. I guess that's all I can base my comments on.
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Old 11-15-2008, 05:03 PM   #15  
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No. Neither BB nor CC will match internet prices. I wouldn't want to totally count them out. There is still a niche for the mega electronics brick and mortar store. But they are going to have to adapt to consumers' increasing awareness and use of internet sellers. Again, if you can't compete on price, you'd better have something else to offer. As for me, my last major tv purchases were from the local Sears store. Although their prices were about $150 higher than the best internet price at the time, I patronized Sears because of its generous return policies and because if the units were defective upon set up, they box them up and get me new ones. Got to find the niche or they will be going belly up, especially in hard economic times.
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