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Best Buy CEO Hubert Joly has an idea for saving the brand: buy up smaller electronics companies so that customers can’t get the products anywhere else. Examples of well-known brand names Best Buy could buy or licence might include Hitachi and JVC, Joly told Chris Burritt at Bloomberg.
Buying the companies would ensure that Best Buy could offer something exclusive and get some customers back. Best Buy’s sales have slid every quarter for two years because of competition from Amazon and discount chains like Walmart and Target.
Joly told Bloomberg that he has been inspired by turnarounds at Starbucks and Ford, and wants people to be as attached to his brand as they are to Apple or Amazon.
“Best Buy has lost a little bit of this,” he said. “We need to reinvent our brand identity.”
For now, Best Buy is making e-commerce its “number one priority,” according to Joly.