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Best Buy sells consumer electronics as
well as a wide variety of related merchandise such as computers,
computer software, Video games, music, DVDs, mobile phones, digital and
video cameras, as well as home appliances (washing machines, dryers, and
refrigerators), in a non-commissioned sales environment. Each store also
includes a department for A/V equipment for automobiles, offering
on-site installation services, as well as a Geek Squad "precinct" for
computer repair and warranty service and accidental service plans.
Best Buy building exteriors are usually light brown in color with the
entrance in an area designed to look like a blue box emerging from the
rest of the structure. Older stores have a more utilitarian brick
building without the blue structure.
In April 2005, the company was the first
major retailer to announce the elimination of all mail-in rebates.
As of February 25, 2006, the company operates 742 Best Buy Stores, 20
Magnolia Audio Video Stores (specializing in high-end electronics), and
12 stand-alone Geek Squad operations through its U.S. retail subsidiary.
They also operate 44 Best Buy and 121 Future Shop stores, as well as 5
stand-alone Geek Squad operations in Canada. In 2003, the company opened
its first international global procurement office in Shanghai, and also
operates sourcing offices in Beijing and Shenzhen, primarily to reduce
costs and increase the speed to market by purchasing products directly
from manufacturers. As of 2006, the company began opening lab stores in
China to open an avenue to the Asian market.
With the acquisition of Seattle based Speakeasy, Inc., Best Buy will be
able to offer broadband and VOIP services to small businesses through
their Best Buy for Business unit.
Customer Centricity is the name of a business movement centered on catering to specific customer needs and behaviors. Best Buy's concept of customer centricity means configuring its stores to serve the needs of the particular customer segments that predominate in the area of that store. Some of the ways that the Best Buy company transforms its stores for a customer segment, is using different types of store signage, fixtures, lighting and even uniforms. One of the things the company has done for some segments is to create a personal shopping assistant, so that a customer can call and make an appointment for their shopping trip.
Source: Wikipedia - News Reports
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