If you want to check out TVs, video game consoles or some other consumer electronic gadget, a Best Buy big box store is one of the best places to go to see a large selection.
But many consumers look for stuff at Best Buy and purchase it elsewhere.
After being out-maneuvered by Internet rivals with lower operating costs, Best Buy has fallen on hard times. Now the big retailer says CEO Brian Dunn has resigned and will step down from the board.
“There were no disagreements between Mr. Dunn and the company on any matter relating to operations, financial controls, policies or procedures,” Best Buy said in a statement from corporate headquarters in Minneapolis.
“There was mutual agreement that it was time for new leadership to address the challenges that face the company. Director G. Mike Mikan has been named interim CEO to lead the company while a search for a new CEO is underway.”
Last month Best Buy announced it would close 50 big-box stores this year and test much smaller stores in several cities.
Best Buy has suffered from a double whammy.
Many of the products it sells – cameras, video game consoles, CDs, and DVDs – have been the victims of technological change as consumers shift buying habits and game playing to the internet.
Best Buy is also part of the broader decline in big box retailing. Circuit City and Borders went out of business, while Barnes and Noble stores have also suffered from falling revenues.