Best Buy Will Preserve Key Growth Initiatives Despite Having To Trim Guidance

This story was written by Tricia Duryee.
Best Buy shocked the market yesterday when it said it was lowering guidance for the holiday season and called the current environment "the most difficult climate we've ever seen." Still, it's unclear if the company plans to scale back any of its growth plans, including its aggressive push into mobile. However, the company's COO Brian Dunn, hinted that while they'll need to manage costs, they are still "preserving key growth initiatives." So, the big question is whether if the retailers undertaking in mobile is qualifies as a key growth initiative? Last month, details were released on the two-pronged approach, which includes opening several standalone mobile stores in U.S. and a massive five-year plan in Europe that will cost about $154 million, and consist of building at least five big-box Best Buy Europe stores through its joint venture with Carphone Warehouse. Lots more on

Photo Credit: Studio Mohawk

By Tricia Duryee