Best Buy: 'Most difficult climate we've ever seen'

[Coventina]

Source: CNN

NEW YORK (CNNMoney.com) -- Best Buy, the No. 1 electronics retailer, cut its full-year profit forecast Wednesday, citing continued weakness in consumer spending that it says has been exacerbated by the "recent turmoil in the financial markets."

The company also said "uncertainty regarding future consumer spending" would limit its ability to project revenue for the critical holiday shopping season.

That's a huge problem since the November-December holiday shopping months typically account for 50% or more of retailers' annual profits and sales.

"In 42 years of retailing, we've never seen such difficult times for the consumer," Brian Dunn, president and chief operating officer of Best Buy, said in a statement. "People are making dramatic changes in how much they spend, and we're not immune from those forces."



Read more: http://money.cnn.com/2008/11/12/news/companies/best_buy/?postversion=2008111209

---

You know, I'm not cheered by the idea of lost jobs, but Best Buy is one company that I truly hate. They are dishonest (remember the website fiasco?) and their customer service SUCKS!

If I could pick one retail giant to go out of business, it would be Best Buy.

[onehandle]

1. Then where would I go to window shop for gadgets?

They're my showroom for online shopping for items that are not made by Apple.

I rarely buy anything there. Maybe a cable once in a blue moon.

They need to discount.

[AndyTiedye]

39. You Got Fry's Out There?

[WriteDown]

2. I'm with you in my hatred of Best Buy...

But I never like to see people lose their jobs, regardless of the company :).

[Coventina]

4. I would agree with you, except that their employess have always

treated me like crap, in the rare instances when they actually paid any attention to me.

I seriously think it's a gender thing, because every woman I know says the same thing, and most of the men I know (unless they were ripped off & treated dishonestly) don't mind shopping there.

The ONE instance where I was treated well as a customer there, it was by a female employee...

[JJ]

7. I'm a male, and I always get treated like crap and ignored in Best Buy too.

Probably just a corporate culture. They don't respect their customers, nor probably their employees.

[stlsaxman]

55. agreed- i always have to interrupt sales people in order to get served. without fail.

always have to go looking for one and then stand there for a time until noticed- then I have to interrupt them!

:mad: fuck 'em!

[nolabels]

56. I an sure some find it annoying to get badgered by sales people

Yea, once or twice, back when times were better, i had a hard time getting a hold of sales people when i wanted to buy something there but that was the exception and not the rule.

[AllHereTruth]

21. Best buy is based in Minnesota

So i guess i may be biased. But i have ALWAYS had great customer service at Best Buy.

Try going to another of the 'major market' electronic stores, ask them a software or computer related question. They wont know the answer. At Best Buy, if one person doesn't know, they will get someone who does. At least that has been my experience...EVERY TIME.

I have shopped at numerous electronic stores, Best Buy seems to be at the top of their game.

Employees at YOUR stores may treat you badly because that INDIVIDUAL store has bad management. That is not a problem with Best Buy, its with whoever is in charge of your store.

And for all of you saying "Best Buy has been bad to me, good riddens" - Where else would you go? CC is going out of business. Walmart treats their employees like shit AND has very limited selection. Radio Shack isn't even an option...lets see...ultimate electronics? no. They sell TV's...hmmm...looks like if Best Buy fails you and I would be out of options. AND MANY PEOPLE WOULD LOSE THEIR JOBS.

Capiche.

And maybe. Just maybe. you being treated badly EVERY TIME you go to said store has more to do with you... :)

[Coventina]

30. I am not alone in thinking Best Buy is a corrupt company

The Wisconsin State Attorney General's Office
The Connecticut State Attorney General
The FCC

They've also been sued by independant customers.

Maybe in Minnesota, where they are close to their roots they treat their customers better.

[AllHereTruth]

31. Ok, So best buy isnt perfect.

Name me ONE that is.

And what in the world would the FCC have to do with Best Buy?

"They have been sued by independent customers" - LMAO. Again, Name me ONE company who hasnt been sued over something. Please, name one for me, make my day.

[Coventina]

36. If it makes you happy to shop there, fine. But I choose not to do so. eom

[lse7581011]

57. Nor Will I!

bought a piece of crap dishwasher from them 27 days ago (note 30 day return for any reason) and can't get any reaction from their Montana service "geek squad"!

[uppityperson]

41. Your support of them is impressive. Do you work there or have connections?

being curious here. Not snarking, may do that later, but just seeking info here.

Do you seriously know of not one company that hasn't been sued?

[uppityperson]

40. I have been to a good BB in MN, but our local one is bad.

trying to get someone to help is difficult, there seem to be only a couple people who know much of anything also. Once I've tracked down someone, they will pass me off to someone else to someone else and finally I get to one of the top people who can help, they are usually helpful. They seldome have what I am looking for though. Lots of other stuff, but not what I want.

And no, just because they ignore people does not mean it is the customers fault. It is management and lack of employees. But thank you for pointing out that it may be my fault.

[dbonds]

6. I can't complain about them.

Bought a 52 inch HDTV from there. They delivered it and it wouldn't work. They didn't have a replacement for it, so gave me a free upgrade to a 57 inch version of the set.

[illuminaughty]

47. I'm stuck on stupid with Best Buy

I continued to purchase items there despite the fact they always break. Now we're losing Circuit City and they're almost the only game left in town.

[heliarc]

58. Buy online... Best Buy is over priced... so is circuit city. n/t

December Consumer reports gives Best Buy the lowest rating in a group of online retailers and a terrible 23rd in a group of 27 walk-in stores. Circuit City won a spot at 22 in a group of 27 walk in stores... both with piss poor prices. Store prices got consistently worse ratings than the online prices.

For online sales might I suggest B&H or using a service like Nextag http://www.nextag.com/ to compare online prices before you buy.

[RebelOne]

3. Best Buy has the best prices.

I have bought 2 computers and 2 TVs there.

[heliarc]

59. That's not what Consumer reports says.

It ranks BestBuy 23rd in a group of 27 for price and service. Consider online stores and Abesofmaine.com or Bhphoto.com specifically for better prices.

[OwnedByFerrets]

5. I would still hate the loss of jobs for their employees. They have

always been very courteous to me when I'm in there. AND, despite all their problems, they "still" are as scummy as CC.

[rcrush]

8. I'd rather only Circuit City died

I hate Circuit City so much. I actually like going to best buy.

[Hawaii Hiker]

9. So if one was going to buy a Mitsubishi 60-65 TV, where should one go

Best Buy or Circuit City?.....The one poster said Best Buy customer service sucks, but I got to tell you, customer service SUCKS almost in every facet, be it car rental companies, department store workers, hotel workers (although at the Beverly Hilton the staff is outstanding), etc...

Big screen TV's have REALLY come down in price, I remember buying a 52" RCA 12 years ago for around $2300....Now, you can get a high-def 65" Mitsibushi TV for like $1599....

[Lorien]

16. Best Buy sends their money to the DNC, Curcuit City sends their

money to the RNC.

I buy most of my electronics here:
http://www.costco.com/Browse/Product.aspx?Prodid=11290083&whse=BC&Ne=5000001+4000000&eCat=BC|79|2341&N=4001374%204294966416&Mo=3&pos=1&No=3&Nr=P_CatalogName:BC&Ns=P_Price|1||P_SignDesc1&lang=en-US&Sp=C&ec=BC-EC3-Cat79&topnav=

great customer service, and a Dem supporting company that treats it's employees well.

[MicaelS]

10. Best Buy isn't going out of business

Circuit City OTOH is doomed. BB is the last Big Box retailer left that is doing relatively well. And just WHERE do suggest people shop if BB goes under, Walmart?

[Another Bill C.]

11. I like Best Buy

I bought an $800 Canon camera from Best Buy.
About a month later I inserted the memory card upside-down and bent some pins.
I took it back and they sent it in for repair under warrantee.
The camera wasn't returned after two weeks so they gave me a new one.

I've always had good experience with Best Buy, going back over 20 years.

[AllHereTruth]

26. True that.

I have found, If you are nice to people in Cust. Service they WILL BE NICE TO YOU BACK. Trust me. I work in Cust. Service.

Now, If you are an asshole...i will do my best to get your question resolved, or problem fixed...But i will not make it easy :) Get it. Got it. Good.

[nookiemonster]

46. Quoting "But i will not make it easy Get it. Got it. Good."

What the hell kind of customer service is that? I work customer service everyday, and even with assholes, you are set to a certain standard. "Won't make it easy" WTF

[AllHereTruth]

53. It was overreacting a bit, i admit

I would never do that, but i feel like i should sometimes. You know what i mean if you work in Cust. Service. It can get hard...frustration i suppose on my part with that comment.

[jb5150]

12. I like Best Buy

I bought my computer from them. Circut City on the other hand, sucks.

[Lorien]

13. Best Buy is a Blue (Democratic supporting) company, while Circuit City

is Red. The latter seems to be going down in flames.

I personally like Best Buy and have had only one bad experience there.

[WriteDown]

15. I had the worst experience of my life trying....

to get Best Buy to honor their own extended warranty on a camcorder. I could care less about their political affiliation. If they can't take care of their customers, you can't expect people to be too concerned with your company's viability.

[Warpy]

23. A stage voice is a big help

You know, the one from the diaphragm that a person standing next to you will think is a normal tone of voice but which will get everybody in the store to stop and stare. Since you're not yelling, you won't be escorted to the door by security but they will want to make sure everybody stops staring ASAP.

Develop a good stage voice and everybody will honor their warranties.

[WriteDown]

27. Good advice...

And trust me, I can make some huge scenes, but in this case it fell on deaf ears for quite a while. Not worth the hassle.

[DainBramaged]

49. It makes a HUGE difference dealing with the dolts

:evilgrin:

Best Buy has been one of my least favorite companies to deal with for years. Their employees have little or ZERO training on the products they sell, they were taken to the woodshed for the ridiculous 'rebates' scam they used to pull until many of the State's AG's forced them to end the practice, their brand selection and assortment has become much more narrow, and their prices aren't always the best. And the pushing of service contracts is a joke. If it doesn't break out of the box, put the money in the bank instead. It only increases their profit margins. Try getting them to honor a warranty on a three year old computer (Uh sir, this computer was never brought in for the annual service as required, we can't honor this. WHAT ANNUAL SERVICE? uh the one stated here at the very bottom here, look under the magnified section)because you didn't pay for the annual $100 'tune up'.

I check Amazon first, then go to Last Buy as a last resort.

[Warpy]

50. I use them for keyboards and mice

because with my arthritis, I'm hell on both of them.

I do Tiger Direct, Overstock.com, or Ubid.com or even Amazon for everything bigger.

[DainBramaged]

51. Staples has become one of my favorite companies

both for work and home. My 22" monitor (I am blind in one eye and have bad near sight) was $229 at Staples and never below $299 at Best Buy. They sell 19 " monitors around $169 all day long.

:hi:

[Warpy]

61. I went to overstock.com

for my big monitor for the same problem.

I've since had the transplant and can see much better, so it's pure luxury now.

[AllHereTruth]

24. Your point?

this is not a thread dedicated to 'customer service horror stories'

This is regarding the failing of the American economy, and how it is greatly affecting the American worker and the American business.

NOW. 'If they cant take care of their customers' - You had ONE bad experience regarding an EXTENDED warranty. Those usually have clauses. Exceptions. Maybe you fell in that category.

Heres one to sink your teeth into. Try returning something to...say...Walmart

Yeaaaa.

[WriteDown]

25. uh...

They lost my camcorder after sending it to be repaired and would not replace it for weeks. What clause is that exactly?

Actually, I have had zero problems with returns at Walmart. I remember I once returned 4 marine batteries and zero questions were asked. Thought that was pretty funny.

[AllHereTruth]

29. Cool.

So Walmart wins your support because you returned 4 batteries.

Guess what! Best Buy didn't TRY to lose your camera. Shit happens. TRUST ME.

Moral of story, you got your camera back, they lost it ON ACCIDENT...so whats the big deal? Did they charge you more money? Did they NOT EVER return your camera? Did they cuss you out? Did they flick you off? Did they not answer your questions?

Walmart does not equal Best Buy. Dont ever talk to me about customer service at Walmart. Ever.

[WriteDown]

32. Wins?

There is no win. I am not fond of shopping at Walmart. Its OKAY if I need like 20 outlet covers or something like that, but not my first, or even 3rd choice. At the Walmart near me now, you can rarely find an associate who even speaks English let alone can actually help you.

I never got my camera back. I got a store credit and that took weeks. I have never had a good experience at BB, but that was the worst. I do almost all of my electronic shopping at Fry's now.

[Psephos]

48. r u a bb employee, or did u get fired from wallyworld?

cuz u sound like 1 or the other

bb sux i.m.p.e.

[AllHereTruth]

52. Neither bub

I take offense at people saying "this one time i had this bad thing happen to me, the entire company is shit"

[Coventina]

17. I find that to be an embarrassment, then, with their history

of dishonesty.

I'm not "pro" Circuit City or anything, believe me. I've never enjoyed shopping there either, although my experiences weren't as blatently terrible (being lied to, etc. at Best Buy).

[Lorien]

18. I don't buy high end items at either; I go to Costco

it's a very blue company that treats it's employees well and has customer service which is second to none.

Funny; other than Wal-Mart, Costco is one of the only retail outfits out there that's still doing well!

[Coventina]

19. I agree with you on Costco. I don't have a membership but

I've accompanied people on trips there and I've always been very impressed. Right now I can't afford a membership, but I hope to get one in the future, if things improve for us.

I just haven't been buying any big ticket items, period.

[Lorien]

22. Find some friends and go in together on an exectutive membership

It costs $100 and you get two cards for that in different names. You'll get 2% back on all you purchases and if you don't earn back the price of the membership they'll refund the difference at the end of the year, so it's free. I gave one card to a friend, and we both bring friends and neighbors with us to Costco every month, so I made about $142 on the deal last year. All of us mostly buy groceries and things like organic laundry soap and tires there, but it's also a good place for Christmas shopping.

[uppityperson]

42. Thank you. I didn't know abut the refund, will have to check into that.

I hadn't done that because I didn't think I'd make the difference, will check into it more.

[AllHereTruth]

34. No they are not.

I work for Costco. Trust me, we are struggling. Badly.

Costco is a GREAT company. Pays their employees fairly. No shifts over 8 hours EVER. But even the best are getting hit hard.

Hours are getting cut, people can not pay their bills. They are getting second and third jobs in this economy...No one is immune. Not even Costco.........

[Lorien]

35. Hmmm...I'll try to find the article. It said that it was one of the only

retailers which has been holding it's profits. Maybe it's only profitable because it's making cuts. It's sad, either way.

[B3Nut]

38. I didn't know they were blue

I feel better about picking up some Canon 8.5x11 photo paper there last night (the OfficeMax I used to work for was out.) Our Best Buy has a Guitar-Center-Wannabe music section now, too.

Todd in Cheesecurdistan

[Doremus]

14. Hey, at least they didn't fire all their highest paid employees

and hire minimum wage replacements.

DD used to work there and still has a lot of friends who do. They're good kids, smart as a whip, and nice as can be. Management can get a stick up its butt, but what management doesn't?

[Bake]

20. Nobody has money to spend

And those who do are deciding that maybe they'd better hand onto what they have.

We're headed for stormy water here.

Bake

[Chovexani]

28. Interesting that this comes out today

Which will arguably be one of their bigger sales days of the year starting at 12:01 tonight.

(For those not in the know, the second World of Warcraft expansion pack comes out tomorrow, and BB is doing midnight launches).

[DU GrovelBot]

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[Javaman]

37. like all good over build repuke founded corps...

best buy will die one day.

and probably a lot sooner than you think since most of their crap is from asia.

[4dsc]

43. Show me some discounts that would compell me to buy

I have no problem with BB but I never see any truly big discounts on any of their product thus I don't buy anything big. Show me a 32" LCD tv for under $400 and I might be interested. But atlas their item remain out of the range that would make me cough some hard earned cash.

[truthisfreedom]

44. I don't know where all of the hatred for capitalism comes from in this forum.

I thought we loved capitalism in America. I own a manufacturing company and my products sell at a retail level, so I'm worried about this. Let's not wish ill on American retail outlets or manufacturers.

The really evil people are the manipulators who got us into the economic mess.

[cliss]

45. They're not the only ones.

I was at the mall earlier in the week. Had an errand to Powell's books here in Pdx. I walked into the mall.....it was quiet. Almost completely empty.

It was almost spooky. I stopped for a moment, looked around. In this huge mall, there were maybe 5 people milling about. One couple was sitting in a little "play" area as their toddler was playing. They weren't even shopping. Just sitting there.
Next, I looked in the stores as I passed by. Empty. Like a ghost town. EVERY store had the sign "sale" "clearance" "80% off" "today only" one had "liquidation".

[ryanmuegge]

54. When all of the good jobs no longer exist, demand drops? Who could have seen it coming?!

[noonwitch]

60. I wonder how ABC Warehouse is doing?

That's where I always buy that kind of stuff, although I got my tv at Target.