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.
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.