You're watching...
Former Best Buy CEO Brad Anderson breaks down whether the big-box retailer can continue in the current marketplace.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Question is the Internet killing at the big box retailers like Best -- Joining the company now is Brad Anderson he's the former CEO of best via an old friend of mine and a man who basically built Best Buy.
Many years ago is that right Brad you did -- a lot of time all that I was there for 36 years but I don't think I can take credit for building -- but thanks -- for hello that that's a company that's a store chain which is now in serious trouble obviously we all know that.
Would you agree with the premise that it is the Internet which is just -- not Best Buy battling.
Well part of it part of the problem is only Internet but if you look at probably take more share for -- -- than anything else from Best Buy it's actually apple.
With deploying retail stores so it isn't just the Internet it's it's -- it's -- whenever I'm skipping whenever somebody's got a better value proposition.
You get in trouble very quick and and and best buys got a real challenge in terms of its value proposition -- its customers what have been some of it's coming from retail store.
-- look we -- we used to like you're going to Best Buy -- because you know there's lots of staff around and they can help you with this complex -- have an electronic item -- it was -- -- the customer service.
Then it got hit by the Internet hit by apple as well.
And people started to and then you have to cut costs Best Buy have to -- because it's so a lot of people disappeared from the show room full.
That -- down customer service and some more more people went to the Internet to your opponent at zero competitors.
We get kind of in a downward spiral here do you have an answer as to how best -- could get out of this.
Well I think there is an answer for how best -- -- handles this challenge jumped about four years ago we did a survey.
Talking to people in the US and then in England about what they're out what their relationships whether we're whether consumer electronics product and death.
It sounded the same in the US and England people are frustrated with the use -- product that's gotten a little bit better in the last four years but.
You talk to people in terms of the application trying to put all the products together home there's a huge amount of improvement that that can occur.
And and it's it's it's a challenge that hasn't been met yet but if it is mad at it provides an enormous opportunity for passed by.
Now Best Buy recently lost his chief executive -- -- the long time CEO from back a few years have you been asked to go back.
Now how how would you go back yeah.
Would you go back to.
I don't know it's it's not gonna happen for first I haven't been asked and secondarily I retire because I wanted to retire.
And I think the third thing is that that because of as we just described the challenges in front of Best -- -- gonna take a long time to solve.
And I think they need they need a leader that has the timeline.
To deliver -- really transformative change for the organization that's what I'm hoping half.
Okay debate and if you if you did go back on the in the end unlikely event that you went back yet manage your happy retirement to went back day one on the job first thing you do.
I would I would.
Have a real serious dialogue with -- what that understanding the current circumstances of the organization faces.
And then see what's available attempted to Best Buy has all these resources it's got.
Thousands of people around the world it -- -- hundreds of millions of contacts with the customer I'd try to deeply explore aware our media opportunities are.
And get launching get the organization -- as fast as possible to get at those opportunities that exist.
May I ask what are you doing in retirement that makes you so happy you will use -- the rejuvenated.
Dynamic.
What you do it.
I act kind of I think -- sort of have been rough first of -- can get -- exercise which wasn't getting when I was the CEO but I'm also get a chance to see the world and I'm I'm you know I'm I'm on the board of Mayo Clinic in General Mills and Waste Management all these places with.
And after thirty secures -- one company and getting to see all these other ecosystems and it's just fascinating.
So I'm actually really enjoy myself enormously.
We'll brand as we hope you come back into the world of the CEOs because you will -- the best album and done.
I've always enjoyed our friendship and thanks for coming on the show today thank you thanks so much Stewart -- it.
