Business & Tech
Vivisection: How Best Buy Came Back To Life
TIME analyzes why Best Buy's stock has been one of the best performing in the tech sector this year.
Richfield-based Best Buy is back "from the dead," TIME Magazine declared in a recent profile.
New CEO Hubert Joly's turnaround plan has made Best Buy shares some of the best tech stock on the market in 2013, the magazine says, as investors flock to Joly's promises.
The company's turnaround strategy is multifaceted, the magazine says. By turning its brick-and-mortar locations into tech malls crowded with "stores within stores" dedicated to particular manufacturers like Microsoft and Samsung, the company hopes to change the shopping experience. The company is also turning to those same physical stores as a warehouse for its online sales—decreasing shipping time—while it boosts its web store to compete with the likes of Amazon.com.
The company, though, is not out of the woods yet, TIME says.
Read the rest at TIME.com
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