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August 29, 2014

Best Buy CEO: ‘Showrooming is one of the greatest falsehoods’

Best Buy’s new top executive, Hubert Joly, tells the Star Tribune that he’s “not a big fan of shrinking the company.” He wants the Richfield-based electronics giant to maximize sales with its existing stores.

One analyst was also a bit puzzled by Joly’s comments about “showrooming.” “I don’t think he’s right. I think there’s plenty of evidence of people doing that,” said Laura Kennedy.

In June, interim Best Buy CEO Mike Mikan stressed “shrinking the company’s physical footprint.”

Joly, a 52-year-old Frenchman, most recently led hospitality and travel giant Carlson.

He replaces Brian Dunn, who resigned amid an internal investigation of an improper relationship with a female employee.

Best Buy’s largest shareholder Richard Schulze is also trying to take the company he founded private for roughly $9 billion.