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(Marketwatch)   Worst Buy   (marketwatch.com) divider line 38
    More: Fail, GAAP, total revenue  
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2604 clicks; posted to Business » on 16 Jan 2014 at 10:12 AM (40 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-01-16 09:45:24 AM  
Amazon's showroom can only survive so much longer.
 
2014-01-16 10:21:25 AM  
Such a clever pun, subby.  I wonder why nobody has ever thought of it before?
 
2014-01-16 10:32:29 AM  
media.tumblr.com
 
2014-01-16 10:42:47 AM  
I'm more pissed at Blockbuster finally going under. I miss video stores.
 
2014-01-16 11:21:47 AM  
There may be perfectly good reasons that people still shop at Best Buy.  I just can't think of any.
 
2014-01-16 11:22:09 AM  

EvilEgg: Amazon's showroom can only survive so much longer.


They've taken great steps to avoid being that. Unfortunately, those steps meant making things impossible to find in the store. Want a computer mouse? Those are on 4 difference aisles and 2 different endcaps. How about a new phone charging cable? 3 aisles.

Here's a hint, guys: Accessories and replacement parts are where brick&mortar retailers make their money. When you have to replace a mouse (etc.) you want it today, not a few days from now, so you're gonna buy it locally. Plus, you can actually have a healthy markup on accessories because people seldom price-shop for them.

Oh, and I don't want the extended warranty on an iPad cover. Thanks.
 
2014-01-16 11:33:50 AM  

Kyosuke: Oh, and I don't want the extended warranty on an iPad cover


Do they still force you to go to the Geek Squad desk after purchasing a computer?  Because that alone drove countless customers out of the store, never to return.
 
2014-01-16 11:54:03 AM  
I guess they didn't move enough $2200 HDMI cables.
 
2014-01-16 11:56:24 AM  

Marcus Aurelius: Kyosuke: Oh, and I don't want the extended warranty on an iPad cover

Do they still force you to go to the Geek Squad desk after purchasing a computer?  Because that alone drove countless customers out of the store, never to return.


The one near my house did when my neighbor bought a pc a few weeks ago. He told them no that I would be doing the setup (backup discs, clean out crapware etc) for him for the low price of free detailing from the car wash he owns. They said that I couldn't possibly know how to do it and for the low price of i think 199 they would take care of it. He told them to fark off and i got it done in about 45min and will have a clean car once spring hits

/damn salt on roads
 
2014-01-16 11:57:58 AM  

Trainspotr: I guess they didn't move enough $2200 HDMI cables.


Don't forget the $49.99 ear buds that you can get anywhere else for $15
 
2014-01-16 11:59:15 AM  

Marcus Aurelius: There may be perfectly good reasons that people still shop at Best Buy.  I just can't think of any.


I just ordered some chargers off Amazon.

Over a week ago.

They may take another week still to get here.

How much is your time worth? My charger at home is sorta broken and only charges if you lay the phone a certain way. Is it worth it to you to pay an extra little bit, but have a new charger right away? Or order online, and have to wait 21 days.

21 days + the stress of a malfunctioning charger = sometimes it's worth it to just buy it at a store.

I also bought my wife a Wii U at a best buy. I walked in, bought it, and walked out. When I got my last xbox, I got it at future shop. I had it home 15 mins after purchasing it. No shipping time.

After all the Blockbusters around here closed, all these little companies bought them up and are making great revenues.

Brick and mortar stores won't go away. If Best Buy goes under, someone will do it right. They will never go away.
 
2014-01-16 12:00:14 PM  

Marcus Aurelius: Kyosuke: Oh, and I don't want the extended warranty on an iPad cover

Do they still force you to go to the Geek Squad desk after purchasing a computer?  Because that alone drove countless customers out of the store, never to return.


I've only ever bought Macs there, so it's possible they are smart enough to know that the Geek Squad has nothing for me. Buying those just involved picking up a box on the floor, carrying it to the cash register, and handing them a credit card. Of course, this is from one of those Apple store-within-a-store things and the guy running it knows me. YMMV.
 
2014-01-16 12:00:51 PM  

Trainspotr: I guess they didn't move enough $2200 HDMI cables.


From the reviews:




From the reviews


So I bought a great TV about six months ago and it is very nice. It's a 46" LED 3D TV and the picture is clean and very realistic. But when I would go to sleep at night, I felt like something was missing. I started upgrading items for my system one component at a time. It started with my stereo receiver and then was the speakers, cable box, changed picture providers, speaker wire, theater furniture, TV Stand...nothing seemed to give it the extra push i was looking for. My neighbor suggested a new HDMI cable. GENIUS! It's like an angel came down and whispered the secret of life into my ear.
I went to apply to the local University for engineering course and studied until I was top of my class. I went to India and gathered the finest gold and took rubber from the oldest Para tree in Brazil to build my own cable. Nothing seemed to work to my expectations.
I then made my travels to the local Best Buy to see what they would recommend...and THERE. IT. WAS. Audioquest had perfected the HDMI cable and they were selling it for the most reasonable price of just barely over $2000. As an engineer, I was able to dissect this cable and put it back together again without harming the integrity of it and can I just say it was like seeing my first child for the first time. No, scratch that....it was BETTER than seeing my child. I was able to plug in the cable which was the perfect length for my TV and watch it with the most intense colors I've ever seen. I would not only recommend this to a friend, I'd recommend it to anyone as proof that heaven exists and that it's located at Audioquest. This cable was worth an additional $200,000 in educational, engineering, and travel expenses to determine what I needed could be found at Best Buy. So for those "tech geeks" who think that everything is just 1's and 0's, I submit this: Are you an engineer able to produce a cable? I think not.
 
2014-01-16 12:02:39 PM  
I'd say that Best Buy shares were on sale, but there's no way that company won't go the way forged by Circuit City.
 
2014-01-16 01:01:22 PM  

sure haven't: Marcus Aurelius: There may be perfectly good reasons that people still shop at Best Buy.  I just can't think of any.

I just ordered some chargers off Amazon.

Over a week ago.

They may take another week still to get here.

How much is your time worth? My charger at home is sorta broken and only charges if you lay the phone a certain way. Is it worth it to you to pay an extra little bit, but have a new charger right away? Or order online, and have to wait 21 days.

21 days + the stress of a malfunctioning charger = sometimes it's worth it to just buy it at a store.

I also bought my wife a Wii U at a best buy. I walked in, bought it, and walked out. When I got my last xbox, I got it at future shop. I had it home 15 mins after purchasing it. No shipping time.

After all the Blockbusters around here closed, all these little companies bought them up and are making great revenues.

Brick and mortar stores won't go away. If Best Buy goes under, someone will do it right. They will never go away.


You're right, there will always be a need for brick and mortar.  Some people won't shop online no matter what.  But your wait for a charger says more about the age of your phone than it does the typical Amazon lead time.
 
2014-01-16 01:05:57 PM  
Stuff from Worst Buy comes from Worst Korea.
 
2014-01-16 02:14:17 PM  
Very few issues with Best Buy Canada. They'll do price beating of any advertised Canadian* price, so it's the best of three worlds - immediate pickup, no shipping cost, cheaper than the other guys.

* We're used to taking it up the ass for retail prices.
 
2014-01-16 02:16:18 PM  
I don't know about Best Buy in the U.S., but the Canadian Best Buy lets you order online and have it delivered, just like Amazon. This is what will keep them in business.
 
2014-01-16 02:26:26 PM  
Living in California means I get hit with sales tax if I order from any of the big online stores (Amazon, NewEgg, etc), so that's no longer a consideration. If a B&M like Best Buy or Fry's has what I'm looking for and the price is close to my total shipped price from an online merchant, chances are I'm going to just go pick it up from the store. At least for anything under $100, Fry's has always been within a few bucks, and sometimes cheaper because of shipping than Newegg. I tend to use Amazon more for the things that are harder to find in-store like blades for my DE razor or consumables like replacement cell-phone batteries which are usually much cheaper online.
 
2014-01-16 02:53:16 PM  

Marcus Aurelius: You're right, there will always be a need for brick and mortar. Some people won't shop online no matter what. But your wait for a charger says more about the age of your phone than it does the typical Amazon lead time.


What does the age of my phone have to do with it? I honestly don't understand what you're saying.

I ordered three micro-usb chargers. The standard ones that every phone except the iphone uses. I could be using a blackberry from 2007, or the Nexus 5. I don't understand what you mean.

For the record, I have a 2013 model windows phone.
 
2014-01-16 03:35:45 PM  

sure haven't: Marcus Aurelius: There may be perfectly good reasons that people still shop at Best Buy.  I just can't think of any.

I just ordered some chargers off Amazon.

Over a week ago.

They may take another week still to get here.

How much is your time worth? My charger at home is sorta broken and only charges if you lay the phone a certain way. Is it worth it to you to pay an extra little bit, but have a new charger right away? Or order online, and have to wait 21 days.

21 days + the stress of a malfunctioning charger = sometimes it's worth it to just buy it at a store.

I also bought my wife a Wii U at a best buy. I walked in, bought it, and walked out. When I got my last xbox, I got it at future shop. I had it home 15 mins after purchasing it. No shipping time.

After all the Blockbusters around here closed, all these little companies bought them up and are making great revenues.

Brick and mortar stores won't go away. If Best Buy goes under, someone will do it right. They will never go away.


When I order something off Amazon it arrives in 2 days. They even deliver on Saturday. It averaged about 4 days when I wasn't a Prime member. Looking online I can have one that would work for your phone (2013 Windows model) here Saturday for $6. $10 if I wanted it tomorrow. BestBuy wants $20 plus tax. That's why they're struggling.

Also, how do you know those little companies are "making great revenue"? Do you do their books? Only a foolish business would tell their customers their struggling and it was a mistake starting the business. Mom and pop companies often cannot properly calculate their expenses and even though they think they're making money, they simply aren't making enough. I don't know your area, maybe it's different, but around here and in my home town brick and mortar media rental is dead. The giant chains and the little guys alike. I would be shocked if any of the places you're talking about exist in 6 months, probably gone in less than 3.
 
2014-01-16 04:09:06 PM  

Hexsun: Also, how do you know those little companies are "making great revenue"? Do you do their books? Only a foolish business would tell their customers their struggling and it was a mistake starting the business. Mom and pop companies often cannot properly calculate their expenses and even though they think they're making money, they simply aren't making enough. I don't know your area, maybe it's different, but around here and in my home town brick and mortar media rental is dead. The giant chains and the little guys alike. I would be shocked if any of the places you're talking about exist in 6 months, probably gone in less than 3.


How do you know they aren't making great revenue? Do you do their books?

/I don't buy a lot, but when I do, it's from eBay/Amazon/Target/WalMart/Craigslist/Best Buy/estate sales/auctions. I don't discriminate.
 
2014-01-16 04:31:38 PM  
as someone who just got laid off from them yesterday, im getting a kick.

actually, im not surprised at all.  Dang :O

/had alot of fun working there, darnit :c
 
2014-01-16 04:35:54 PM  

EvilEgg: Amazon's and Newegg's showroom can only survive so much longer.


FTFY
 
2014-01-16 04:51:13 PM  

Hexsun: When I order something off Amazon it arrives in 2 days. They even deliver on Saturday. It averaged about 4 days when I wasn't a Prime member. Looking online I can have one that would work for your phone (2013 Windows model) here Saturday for $6. $10 if I wanted it tomorrow. BestBuy wants $20 plus tax. That's why they're struggling.


Well we're at an impasse I guess. If delivery was as quick as that I could see it, but with the delivery times I get most times I just don't see the point. It's worth it to me to spend an extra $14 dollars to save on 10+ days of waiting for it to be delivered.

Hexsun: Also, how do you know those little companies are "making great revenue"?


Because they're always busy when I go in.

/moderately sized city, about 300K population
 
2014-01-16 04:59:12 PM  
I guess I better hurry up and use that gift card Santa brought me.
 
2014-01-16 05:34:15 PM  
Wouldn't want to be anywhere near Richfield in the next few weeks. Or ever really, what a pit of despair that place is.
 
2014-01-16 06:00:09 PM  

scumm: Wouldn't want to be anywhere near Richfield in the next few weeks. Or ever really, what a pit of despair that place is.


This is what they get for leaving EP!
 
2014-01-16 06:20:02 PM  
When your business is built upon providing non-essential goods and services, it's generally a bad idea to let your customer service degrade significantly for any appreciable amount of time.  Period.   Sure, there are situations where companies can get away with it, but the circumstances that allow for it are often times fleeting and your business is subject to having the rug pulled out from underneath it at a moment's notice.  Once you've let your customers know that your customer service and customer friendly policies are subject to change and that your company is unreliable, guess what?  Customers are going to have their eyes open for other options.

It just so happens that for awhile, when it came to consumer electronics, the other options were other brick and mortar electronics retailers who had similar prices, selection and unreliable customer service.  That situation changed pretty dramatically in more recent history as folks began to realize they could often find the same or better products online, for the same price or cheaper and from companies with impressive customer service.  A lot of the successful online retailers seem to know that they've got some disadvantages to retailers with physical storefronts, so many of them seem to invest in keeping customers happy whenever possible.

When Best Buy first opened in my area, it was a genuinely nice experience.  But over the years, shopping there got crappy.  The return policies got more restrictive.  The rebate and warranty scams became less and less consumer friendly.  The mark-up on products went up and up.  They started treating all customers like criminals as they exit the building.

So yes, I think we'll continue to see these stores struggle and/or go out of business.  Because a lot of us, once we find other alternatives, we don't really bother looking back.  So it doesn't matter if you suddenly start offering competitive prices, kissing your customers' asses and honoring the warranties you sell, because we simply won't be back to care or notice.

Lesson being, as a business owner, don't think for one second it's acceptable to drop the ball on customer service.
 
2014-01-16 06:48:07 PM  

Uglybarnacle: as someone who just got laid off from them yesterday, im getting a kick.

actually, im not surprised at all.  Dang :O

/had alot of fun working there, darnit :c


I'll bet - leaning up against the kiosk shooting the shiat with your buddies while I stand four feet away plaintively crying "Will somebody help me? Anybody?" must be a blast.
Maybe if you'd ever f**king worked you'd still have a job.
 
2014-01-16 07:53:08 PM  

bv2112: I'd say that Best Buy shares were on sale, but there's no way that company won't go the way forged by Circuit City.


This.

CC started bleeding out after they invested so heavily into the Divx fiasco, and then continued to lose market share to places like Best Buy.

Commissioned sales don't work too well for stuff that people could just pick up next door without the hassle. I do miss working there though, some good memories.
 
2014-01-16 09:31:23 PM  
Shockingly... I'm actually willing to give Best Buy another shot because of how well they did on Thanksgiving (yes, yes, I'm a terrible person). That said... I don't buy much in the way of consumer electronics, so my willingness to go back is tempered by the thing that brought me there on Thanksgiving: there has to be a massive sale (yes, it was better than Amazon's price) on something I actually need to get me interested.

/It was a phone
//Mine was no longer working
 
2014-01-16 10:07:37 PM  

Marcus Aurelius: There may be perfectly good reasons that people still shop at Best Buy.  I just can't think of any.


Being an adult who isn't poor
 
2014-01-17 12:12:09 AM  
Yes, an ~1% drop in same store sales year over year in a soft (but growing) economy is surely the death knell for Best Buy.   Don't get me wrong, I don't shop there, but I think using this mildly disappointing statistic is probably too cute by half.  Remember that this year there was a problem with people buy stuff on Amazon that didn't arrive on time because of weather delays.  I don't necessarily think that this means Best Buy (and other big boxes) will recover next year, but I do think it is too soon.

That being said, Best Buy has some real problems: overhead being chief among them.  Also, what is the differentiating experience for buying at Best Buy? Nothing really.  One way to slow this down would be the Walmart route: some really good data mining, demographic analysis and just in time inventory.  They can't just arbitrarily stack the floors with the latest Banana Junior 9000 any more and expect the people to come in droves.  Another possibility is the "impulse buy".   Basically they would have to appeal to the uninformed and eager demographic who has to have the latest gadget now rather that waiting for delivery.  That has some diminishing returns though, because Amazon is trying to get into same day delivery by putting distro centers in major metro areas.
 
2014-01-17 01:36:10 AM  

jso2897: Uglybarnacle: as someone who just got laid off from them yesterday, im getting a kick.

actually, im not surprised at all.  Dang :O

/had alot of fun working there, darnit :c

I'll bet - leaning up against the kiosk shooting the shiat with your buddies while I stand four feet away plaintively crying "Will somebody help me? Anybody?" must be a blast.
Maybe if you'd ever f**king worked you'd still have a job.


you were probably "just looking".
 
2014-01-17 05:06:07 AM  

Tarheel_Madness: jso2897: Uglybarnacle: as someone who just got laid off from them yesterday, im getting a kick.

actually, im not surprised at all.  Dang :O

/had alot of fun working there, darnit :c

I'll bet - leaning up against the kiosk shooting the shiat with your buddies while I stand four feet away plaintively crying "Will somebody help me? Anybody?" must be a blast.
Maybe if you'd ever f**king worked you'd still have a job.

you were probably "just looking".


Yeah - just looking for someone who worked there. Apparently, no one did.
Went to Fry's, bought same thing cheaper from a helpful salesdrone.
F**k you, Best Buy.
 
2014-01-17 05:30:58 AM  

eagles95: Don't forget the $49.99 ear buds that you can get anywhere else for $15


I once went into a Best Buy to pick up a cable to connect an iPod to the audio AUX input of a rental car, because I had forgotten mine. The "iPod accessory" version was $25, but at the back of the store was the exact same thing in the form of a "mini stereo to mini stereo" cable for $5, that worked just as well.

Gadget accessories are such a scam.
 
2014-01-17 07:01:10 AM  

ImpendingCynic: eagles95: Don't forget the $49.99 ear buds that you can get anywhere else for $15

I once went into a Best Buy to pick up a cable to connect an iPod to the audio AUX input of a rental car, because I had forgotten mine. The "iPod accessory" version was $25, but at the back of the store was the exact same thing in the form of a "mini stereo to mini stereo" cable for $5, that worked just as well.

Gadget accessories are such a scam.


Just bought 6 banana plugs for my receiver - $1 a piece from the little bags at microcenter.
Best Buy had 'premium' ones in one of those annoying plastic shells, I believe they were $14 per pair
 
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