Best Buy Revenues Disappoint And Company Decides To Close Stores Hot

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Faced with a rapidly changing retail environment, the company is trying to increase sales along with profits. The so-called “Big Box” business model the company is known for no longer works. It has fallen prey to the changing retail landscape that is making specialty stores obsolete. Consumers are increasingly buying online, which gives them access to a broad array of products. Specialty stores are no longer the destination for consumers looking for the latest electronic devices.
Online retailers like Amazon and Apple have driven the new way consumers shop for electronics. Best Buy hopes its new "connected store" formats will help it compete by reconfiguring the company's business model toward services featuring tech support and wireless connections.

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