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By Nandita Bose
Brick-and-mortar retailers like Best Buy have closed storesand some have gone out of business over the past few years inthe face of online competition and the decline of Americanmalls.
The largest
"We have turned around the business, it's about where we gofrom here," he said. "We have not only survived but thrived andI don’t believe this is a winner-takes-all market."
For the last five years the
In the latest holiday quarter, Best Buy posted its bestsales in a decade, boosted by a rebounding economy and strongerconsumer confidence, and projected sales above Wall Streetestimates.
The retailer's share price is up 271 percent over the pastfive years, closing at
Best Buy's appliance and home theater business has benefitedfrom the bankruptcy of competitors RadioShack and HH Gregg Incand tumbling sales at Sears Holdings Corp, Joly said.
Best Buy has about 15 percent of the
The company is betting on new services under its In-HomeAdvisor and Total Tech Support programs, which offer tech helpto shoppers in an effort to boost sales. It is also openingwarehouses near urban markets to speed online delivery.
Investments in employee pay and training and otherinitiatives have resulted in a drop in worker turnover to about30 percent from 50 percent to 55 percent about three to fiveyears ago. Store managers are also staying on the job muchlonger, he said.(Reporting by Nandita BoseAdditional reporting by Vanessa O'Connell and Anna DriverEditing by Bill Rigby)