Best Buy’s incoming CEO believes the current retail environment is "lethal," and that Circuit City probably won’t be the only retailer in the space to go out of business this year.
In an interview with BusinessWeek and subsequent video Q&A session, Brian Dunn, who will take over this summer as Best Buy’s chief after serving as president and COO, said the company’s strategy for the recession is to focus on the customer. He added that he plans to continue predecessor Brad Anderson’s passion for new ideas, as well as his tendency to see both sides of every issue.
On the subject of Circuit City’s demise, Dunn said Best Buy is "in good position to acquire customers" who had earlier shopped at Circuit City. He added that he believes other rival chains will most likely close during the year, but did not name them.
He also denied that the company’s store model is obsolete in the face of Amazon.com’s recent success.