Best Buy's Strategy: 'Renew Blue, Ignite the Possible'

What is driving Best Buy’s Turnaround? Hubert Joly and Sharon McCollam. They are retail’s hottest dynamic duo.
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Mr. Joly has set a terrific tone at Best Buy by establishing aggressive goals without over-promising on timelines. Like Walmart and Macy's, Best Buy is making tremendous strides in turning its physical footprint into an asset rather than a liability. As part of that, it has also ditched the myopic store-centricity that hobbled it in the past and is harnessing synergies between physical and digital, a feat that Ms. McCollam helped Williams Sonoma pull off prior to joining Best Buy. Branded shop-in-shops are another way that Best Buy is making the most of its bricks-based assets while allowing it to position as a flagship location for its partners. Doing so enables Best Buy to garner financial support from them, generating another revenue stream. Best Buy is firing on all fronts.

Read the full discussion and article online at Retail Wire.