Retail ramifications: Best Buy and Apple seem a perfect pair ? except for Apple's store ambitions
Sunday, February 20, 2011
Apple isn't Best Buy's only challenge. The Richfield-based retailer faces fierce competition from discounters such as Walmart and Target. There's a huge threat, too, from online retailers that don't have the costs of brick-and-mortar stores.
Facing all those threats, Best Buy is rethinking its business model. Again.
"They're very proud of re-inventing themselves, and they actually do a good job of that," said Dave Brennan, a retail specialist at the University of St. Thomas Opus College of Business. He notes that Best Buy began as a stereo shop in St. Paul called Sound of Music. From those humble origins, it became a Minnesota business success story and a $50-billion-a-year colossus.
Originally published: 02/20/2011, Pioneer Press