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Best Buy Co., Inc. (NYSE:BBY) is trying a new strategy to increase its profitability by renovating its spacious electronic emporium by becoming an Apple Inc. (NASDAQ:AAPL) store look alike. The company launched the new look of electronics shop near its headquarters in Richfield, Minnesota. The newly re-designed Best Buy shop features a Solution Central Desk surrounded by desk with a team of geek sales representatives and ready to serve customers.
According to Best Buy, its purpose is to enhance consumers’ buying experience and boost its profitability. The company wants to concentrate on connecting and helping consumers by answering their questions about a gadget or any other technical needs. The company also started to implement a self-check counter for consumers instead of waiting in a long line to pay at the front store checkout.
Best Buys new look was launched several weeks ago. Is it effective? On Tuesday, the company’s stock value at the New York Stock Exchange lost 2% at $21.75 per share. Some analysts are skeptic on Best Buys’ new strategy and described its plan to improve its customer service as challenging. Christopher Horvers, an analyst from JPMorgan Chase & Co. (NYSE:JPM) pointed out the fact that majority of the company’s employees are working part-time and they look very young.
Peter Keith, analyst from Piper Jaffray commented that the expanded section for tablets and phones would be helpful. However, he also expressed doubt if the entire look of the new Best Buy store will drive more customers and boost its profit.
In response to skeptics, Mike Mikan, Interim CEO of the company explained that Best Buy’s new look is an initial step. Dubbed as Best Buy 2.0, Mikan said that the company would implement more changes and improvements. In a recent statement, the company said that 40% of its current workforce be trained intensively starting on September. Its new employees will undergo 80 hours of training and the plans to implement customer satisfaction bonuses.
Best Buy has 1,100 spacious stores across the United States. The company plans to shut down 50 stores and it will re-design 60 stores to the new model. The company is the largest electronics retailer in the United States by revenue. However, since 2010 its stock value declined by 33%. Best Buy is currently facing a great competition with online retail shops such as Amazon.com.