Where Will Best Buy Be in 1 Year?
Back in 2012, Best Buy (NYSE: BBY) was in serious trouble. It was losing customers to Amazon (NASDAQ: AMZN) as shoppers used its stores as "showrooms" to test out products before buying them online. CEO Brian Dunn, who led the retailer for three years, also abruptly resigned due to an inappropriate relationship with an employee.
At the time, Best Buy seemed destined to become another victim of the retail apocalypse. But Dunn's successor, Hubert Joly, turned the struggling retailer around by fixing broken inventory systems, investing heavily in employee training, matching Amazon's prices, and embracing its "showroom" reputation by renting out its space to top brands like Apple and Samsung.
Image source: Getty Images.
Source Fool.com
