Best Buy Sees No Quick Recovery; Scales Back U.K. Plans
A Best Buy executive believes retail has, in fact, hit bottom, but a rapid recovery is unlikely. That's the opinion of Best Buy international business head Bob Willett, who spoke with Reuters this week.
Speaking at the World Retail Congress in Barcelona, Willett stated that due to the continuing bank credit crunch, he expects the recovery to be "a lengthy process." He also predicted that things will improve "toward the back end of this year."
Meanwhile, the company announced a slight scaling back of its plans to expand into Britain. The store now plans to open 80 stores through the U.K. by 2013, down from the previously expected total of 100, according to the Financial Times. The first of the stores, part of a joint venture with Carphone Warehouse, are expected to open the spring of 2010.