How Best Buy is defying the retail apocalypse

a man wearing a suit and tie: Hubert Joly© Provided by Business Insider Inc
Hubert Joly

 

  • Hubert Joly was appointed CEO of Best Buy in 2012, when the company was faced with an “all-you-can-eat menu of challenges.” 
  • Joly executed a successful turnaround by slashing prices, growing online sales, and improving customer service. 
  • One of Joly’s biggest accomplishments was cutting employee turnover, which he says he managed to do with a new approach to leadership at the company. 
  • While Best Buy recently closed 250 small stores in malls and is continuing to tweak its store count, Joly says that the company is overall happy with the number of locations it has. 
  • Joly embraces competition with traditional retailers and e-commerce giants like Amazon. Capitalism “is about the best companies winning.” 

When Hubert Joly was appointed Best Buy’s CEO in 2012, he was presented with what he calls an “all-you-can-eat menu of challenges.” 

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Best Buy’s sales were plummeting. The retailer couldn’t compete on e-commerce. The previous CEO had left amid scandal, and the company’s founder was fighting an open battle to take Best Buy private. 

To make matters worse, analysts were suspicious of Joly’s abilities, with shares dropping 10.3% in reaction to the news he had been appointed CEO. At the time, Wedbush Securities analyst Michael Pachter told

Article source: http://www.msn.com/en-ca/money/topstories/best-buys-ceo-led-the-retailer-in-an-incredible-turnaround-%E2%80%94-heres-how-the-company-is-defying-the-retail-apocalypse-bby/ar-BBKBOOF?srcref=rss