Schulze's letter to Best Buy board

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  • Updated: August 6, 2012 - 8:27 AM

August 6, 2012

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swschradAug. 6, 1211:10 AM

Dear Dick: as a customer, I can tell you more of the same under a different structure isn't going to cut it... but you're welcome to try. Fact is, there is no "next enhancement" as 3D TV has shown availiable as a springboard. Fact is, we're broke out here, and making do. Fact is, it would appear the "category killer" is out and the "general store" is in, as in Wal-Mart and Menards (yeah, they compete with you in electronics too) and Costco and The Connected Internet. and price trumps all. Good luck, and if you have a magic formula, SuperValu would like a call.

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gr8yrsemplAug. 6, 1211:45 AM

Dick: where were you 12 yrs ago when we workers made you, Brad and other Execs wealthy [in the MILLIONS]? We thought we'd retire at BBY. In I.T. we'd created efficient computer systems, increased BBY profits 10fold in 5 yrs, decreased loss to single digits %, then were all tossed out between 2002-2004 ? Consider bringing back the hundreds of American workers you all replaced by foreign workers; of course you've moved the work to India. You want our money but won't employ us. We lost everything from jobs [for 15mos or more] to homes, all savings, with kids in college. Why should we shop at a store that doesn't employ Americans? Are you reading this Target ? with your yearly increased target ratio of Indian to American workers which was what for 2012, 18:1 last year? You want to come back, how about the rest of us ? We could make you profitable once again.

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jimbogopherAug. 6, 1211:55 AM

Mr. Schulze: As a longtime customer of Best Buy, as well as a current shareholder, I applaud your efforts and wish you success in this endeavor. You are the only person capable of fixing this company. And it most certainly can be fixed.

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thacaroAug. 6, 1212:43 PM

@swschrad, I hate to tell you but in business it isn't all about price. It is about creating the best value and where the business is positioned in the value spectrum. Like it or not business study after business study shows that for most things price does not trump all. The task for Best Buy is not to match Amazon's pricing but to provide more value in a purchase from Best Buy than a purchase from Amazon. In fact, it would probably be impossible to match Amazon because operating brick and morder is more expensive period. Creating value is possible in alot of different ways, but it is evident that Best Buy isn't doing a very good job at it right now and this is the problem that needs to be fixed. It requires a complete overhaul in how they operate towards the consumer, and setting their price positioning according to the value they are creating for their customer.

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smartone1Aug. 6, 12 1:21 PM

What a fantastic letter and idea. Schulze is the only one that can turn this sinking ship around. All these other losers have never started a company from ground level and don't understand what it takes to get to the top and stay on the top. What a great American Schulze is..Start packing your bags BB Board..The big dog is coming back and cleaning house.

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swschradAug. 6, 12 3:19 PM

@thacaro... bloomberg has a good roundup article on three things BB can do. I like the first one, basically turn it into an all-brands Apple store and let buyers play with the toys. second analyst suggested staffers who knew the products, not reading the back of the box with you. third analyst suggested big downsizing of the store footprints and take the real-estate dollars saved and put them into lowering prices. do all three, it's worth a look.

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