While consumer electronics retailer Circuit City Stores, Inc. (NYSE: CC) has hired a new CFO amid several quarters of disappointing sales and a growing shareholder and analyst backlash, larger competitor Best Buy Inc. (NYSE: BBY) just keeps on adding pressure and more pressure.
Strangely though, Best Buy — the largest consumer electronics retailer in the U.S. — recently had a fiscal quarter where expectations were not exactly met. However, make no mistake — Best Buy is making all the right moves to stay ahead of the competition and ensure it remains firmly seated at the top of the retail electronics world.
In a sign of pushing even more fiscal nastiness down the throat of Circuit City, Best Buy made a call this week in what I consider to be a hugely significant announcement. In the course of gaining even more market share than it already has, Best Buy has hired an executive to focus solely on growing market share in the female population.
Females control more retail dollar buying power than anyone, but in general, electronics and gadgets and flat-panel TVs (oh my) are in the buying domain of males. Well, at least that's what we constantly hear in the media, although I've seen more women in stores staking out the best-looking TV over the male's "bigger screen" demands.
Anyway, new Best Buy "female market" employee Julie Gilbert will oversee Best Buy's effort to gain more mindshare of the gender that currently controls $68 billion in purchasing power in the U.S. consumer electronics market. Think that's a significant amount? I do. Gilbert has been with Best Buy for seven years in training and development, and this new challenge should prove quite different than ones in the past. For Best Buy, it's a great move indeed.
Source : Blogging Stocks