Retail Excellence: BrandSmart: Taking Back the CE Industry
The way Michael Perlman sees it, there probably has never been a worse time to be a traditional consumer electronics retailer: A relentlessly bad economy has battered sales and beaten back consumer confidence; anyone can find just about anything cheaper on the Internet (and, in most cases, skip the state sales tax while doing so); the general CE industry has practically handed customers over to Apple. The list goes on.
To ensure the immediate survival and future success of his BrandsMart USA chain (seven stores in Florida and four in Georgia), Perlman and his team a few years ago carefully analyzed every part of their electronics and appliance businesses—both brick-and-mortar and online—and came up with a game plan. “We went through a lot of self-analysis,” said Perlman, the company’s CEO. “The point is, we really didn’t have a choice.”
The team spent the last 12 months implementing most of the major aspects of that strategy, reinventing a business model that now helps to improve sales and profits in some of the hardest hit markets in the country. The success of those efforts has made the business stand out among its competition.