Best Buy announced Thursday that it has closed subsidiary Magnolia Audio Video's seven West Coast stores, as well as its corporate headquarters and distribution center in Kent, Wash.
Magnolia Audio Video
If Best Buy is the CE buffet, offering customers an all-you-can-eat menu at affordable prices, its Magnolia Home Theater division is the fine dining service that satisfies a more discerning pallet and serves as the launching pad for more creative offerings from the larger kitchen. “Magnolia is the premiere entity of Best Buy, where we show customers the premium brands they may not see elsewhere,” said Boris Martir, a Magnolia Home Theater professional at Best Buy’s New York City store on Sixth Avenue and 23rd Street. “We look to give customers the end-to-end solution that satisfies their lifestyle needs.” That concept has proven especially
D&M Holdings recently reported revenue for fiscal year 2006 ended March 31 of $855 million, a 12 percent increase over 2005 results. The company also reported operating profits of $49 million for the fiscal year, 60 percent higher than last year, and net income of $25 million, a 22 percent increase over last year. D&M’s outlook for fiscal year 2007 ending March 31, 2008 is $952 million in revenue, an operating profit of $56 million and net income of $29 million. Beginning this fiscal year, the company is changing its business segments for reporting purposes to focus on two new segments:
D&M Holdings, in filing yesterday with the Tokyo Stock Exchange, announced a 103-percent jump in year-over-year operating profit during the first nine months of its fiscal year ended December 31. The company also raised its previous net income forecast for consolidated business results for the full 2006 fiscal year. The company’s consolidated revenue for the first nine months of the fiscal year totaled JPY71.0 billion. Consolidated revenue was 6.5% higher compared to the same period of the previous year despite the absence of revenue contributions from Rio, which was discontinued. For the nine-month period, the company reported an operating profit of JPY4.4 billion, a
Sonos, a developer of wireless music distribution solutions, reported strong 2006 sales, a number of new initiatives and plans to reach more dealers in 2007. Sales last year jumped 150 percent over 2005, with more than 100,000 units sold, the company reported. The number of households that bought a Sonos system increased by more than 120 percent over 2005, boosting incremental household sales by “tens of thousands,” according to the company, which is privately held and does not disclose specific figures. John MacFarlane, CEO of the Santa Barbara-based company, said sales through Tweeter’s 150 locations were particularly strong, fueled by a broadband-connected
Control4 continues its march into national retail, announcing that Magnolia Audio Video will now carry the company’s complete line of home control products. This is part and parcel of strategy—earlier in the year Control4 began offering products at Tweeter. “We’ve been working with them for at least a year and have been in test markets,” said Will West, CEO of Control4, of the Best Buy owned retail store. He added that Magnolia’s design and installation services were good enough that his company feels confident in offering its full line at Magnolia’s stores. Magnolia will display Control4 products on the floor and demonstrate home
Nationwide Marketing Group rides the wheel of business, leveraging its programs, reaching out to new markets. By Janet Pinkerton It's hard enough to make one business owner happy and successful. Try doing that with 2,500-plus business owners. Unfathomably, Nationwide Marketing Group aims to do just that, addressing the diverse interests and needs of a membership body that now totals 150 core members, representing 2,500 companies operating 7,000 retail stores. Core members include Nations BrandDirect, United Stores Inc., the NECO Alliance of distributors and Nationwide West. It's a big ship to steer, and it's getting bigger and more diverse. Last year, Nationwide launched a Rent-to-Own
By Sean Wargo The face of retail is clearly changing. With Wal-Mart's solid showing in the CE space, many of the other players are moving up stream to get out of the giant's way. Witness: Best Buy's addition of the Geek Squad and a broader integration of the Magnolia HiFi division into its stores. Witness also much more solutions-oriented concept stores from a number of other specialty retailers, such as RadioShack in Fort Worth and Tweeter in Las Vegas. The key theme here is service. Consumers hopefully want and need more of it as product complexity increases and ease of self-integration declines. In fact, a
This month, Dealerscope features 40 of the brightest over-achievers in the consumer electronics business. They hail from a variety of market sectors--they're retailers, marketing managers, product developers and manufacturers--but each of these all-stars have one thing in common: They were selected from nominations supplied by their industry peers based on success achieved before the age of 40.
The Pacific Northwest—Washington, Oregon and Alaska—is just about as far from everything else as one can get in the United States. Just ask the Seattle Mariners baseball team, which likely logs more road trip miles per year (50,000 by one published estimate) than any other team in the major leagues. There's quite a bit of wilderness in the Northwest—and quite a bit of new construction. The region is a hotbed of custom installation and tech-savvy consumers. It's a great area for CE as well as appliances, and it's served quite well by numerous national and regional chains, as well as a healthy contingent of