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6/1/2012 - Best Buy

I was online the other day and read an article regarding Best Buy and the reasons for why they haven't been making any money the past few years.  People are saying that they aren't making nearly as much due to bad customer service or just a lackluster impression in their stores.  Many of the Best Buys went over some minor overhauls, but the differences aren't much and definitely weren't what they needed to get them out of this rut.

From my angle, I believe the issue doesn't have anything to do with Best Buy itself, but the products in which they are carrying.  Sales are down ALL OVER (not just Best Buy), and the main reason for that is the lack of innovation!

Although Best Buy does create their own products.  Most of their products are simply clones of more expensive products.  TV's, DVD Players, etc.  The latest 'innovation' that was created for companies like Best Buy to sell are 3D TV's.  Not only that, but these 3D TV's (although pretty fantastic) aren't necessary and don't really bring to light why someone should spend an extra thousand dollars on something that works just fine without the extra dimension.  Oh, and they came out to the public a little over a year ago.

In the video game area, there were few attempts by Sony (Playstation PSP Go), Nintendo (Nintendo 3DS) and Microsoft (Kinect) to get sales pumping, but the innovation isn't there.  Innovation is moving forward, but it is moving forward very slowly.  Hopefully this years E3 convention has something to show us!


Tags: best buy, nintendo, sony, microsoft, e3

jake@jakesiegel.com

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