To keep growing, incoming Best Buy CEO first wants to go smaller
Incoming Best Buy CEO Jason Bonfig plans to revitalize the retailer by shifting focus toward smaller-format stores to improve market reach and customer engagement. This strategy aims to combat slumping sales caused by economic factors and changing consumer behavior.
Why it matters
The shift to smaller retail footprints reflects a broader trend in brick-and-mortar retail as companies attempt to balance physical presence with digital efficiency.
Best Buy is at a critical juncture as the consumer electronics retailer aims to revitalize its performance under incoming CEO Jason Bonfig , who spoke exclusively with CNBC about his strategy for the company.
The company has been struggling with slumping sales over the past few years, which it has attributed to lower consumer confidence, less tech innovation and a slower housing market. In an effort to refresh its products, improve the customer experience and drive more sales, the retailer announced Bonfig will succeed current CEO Corie Barry this fall.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in