The best briefcase I have ever owned – it has literally been around the world with me – is my Tumi leather soft-side, expandable briefcase. I still own it and whenever I go anywhere for a business meeting…it goes with me. So it caught my attention today scanning the news wire services when I saw a press release that Monster (formerly Monster Cable) was partnering with Tumi to launch a new headphone – called the Tumi x Monster – based on their existing Inspirations model.
Retailers
New Research Quantifies Impact of ‘Showrooming’
New research released today from Harris Interactive, conducted on behalf of CouponCabin.com, provides a sobering look at how prevalent the practice of showrooming is among smartphone- and tablet-owning retail shoppers. Showrooming is where retail shoppers use their smartphone or tablet to look up lower prices on items they see in the retail showroom to purchase later from an online merchant.
According to the survey, more than 43% of smartphone and tablet owning consumers admit to showrooming. This figure, alarmingly close to 50%, is likely to be much higher than many industry observers would have expected.
But the survey didn’t stop there… [Read more…] about New Research Quantifies Impact of ‘Showrooming’
7 Lessons on Marketing Strategy from My Day with the Cake Boss
Two weekends ago, we celebrated my wife’s birthday. For the last few years, one of the things she most wanted for her birthday was a birthday cake. Not just any cake, mind you, but a cake made by Buddy Valastro – TLC’s Cake Boss. This is not as simple of a request as it sounds and for the last couple of years, I couldn’t fit it into my schedule to make it happen.
This year, I made it happen – and learned something about marketing strategy from the Cake Boss… [Read more…] about 7 Lessons on Marketing Strategy from My Day with the Cake Boss
Is Best Buy Now Worst Buy?
It’s been a rough week for Best Buy. And if something doesn’t happen soon…it’s only going to get worse as the company is on a slippery slope and quickly losing the support of Wall Street. Already the company was embroiled in turmoil having recently dismissed CEO Brian Dunn for an inappropriate relationship with a young, female employee…scolding and then losing founder and chairman Richard “Dick” Schulze who knew about the relationship and didn’t tell anyone…and then enduring a reasonably PR-savvy public campaign as Schulze announced intentions to buy the company and take it private. Finally – as if to emphasize how bad things had become – this past Monday the company announced their fiscal Q2 results with a shocking 91% drop in profits. But wait! There’s more…
How bad is it at Best Buy? They had to pay someone $32 MILLION to come run it!… [Read more…] about Is Best Buy Now Worst Buy?
Best Buy Board to Schulze: You Show Us Yours Before We Show You Ours
Reuters is reporting that the Best Buy board of directors has asked founder and former chairman Richard Schulze to name the private equity (PE) firms that he can line up to help him buy out Best Buy stock and take the company private. But reportedly Schulze is playing coy, saying only that there’s a “number of leading private equity firms” prepared to make a significant commitment.
In an email to Reuters, the board said, in effect, it will take its time to study the proposal… [Read more…] about Best Buy Board to Schulze: You Show Us Yours Before We Show You Ours
Former Retail Shining Star Vann’s Declares Bankruptcy
Based in Missoula, Montana, Vann’s Inc. has been a shining star of the retail business – for years a hearty player in a rugged part of the country where only the strong survive. Founded in 1961 by Pete Vann, the company has steadily grown over the years – adding locations, diversifying retail formats, and even expanding into online sales. But signs of stress began to emerge this year with the company closing one location in February, then replacing long-time CEO George Manlove in June with a CEO from outside the company, losing the support of a key lender in July, and finally declaring bankruptcy just a little over one week ago.
How did this all happen?…. [Read more…] about Former Retail Shining Star Vann’s Declares Bankruptcy
Did AudioXpert’s Launch Succeed in ‘Exceeding Expectations’ as Their Tag Line Promises?
AudioXperts
Last month, we reported on the pre-launch of a new brand…the rather boldly named AudioXperts – founded by well-known industry veteran, Eli Harary and the team of sales, marketing, engineering, and product specialists he assembled. This pre-launch announcement was then followed-up by an official launch at a press event in Manhattan on Tuesday of this week. For a lot of reasons, this was a notable event – not the least of which is that there are very few new companies launching in the current incredibly difficult industry environment. But this “birth of a brand” also – for a number of reasons – set a very high bar for expectations related to its launch, which drew a substantial press contingent.
Did AudioXperts live up to their “exceeding expectations” tag line?… [Read more…] about Did AudioXpert’s Launch Succeed in ‘Exceeding Expectations’ as Their Tag Line Promises?
Best Buy Founder Schulze Rounds Up the Old Gang for One Last Try
Bloomberg News reported on Monday that the Best Buy Co. board of directors has received a letter with an offer from company founder and former chairman Richard Schulze to acquire all outstanding shares of the company stock and take it private. Schulze is said to have the support of at least two private equity companies and an investment bank that is confident it can arrange adequate financing. Schulze also says several former Best Buy executives are interested in joining him in the process of reinvigorating the company.
Analysts are skeptical… [Read more…] about Best Buy Founder Schulze Rounds Up the Old Gang for One Last Try
Velodyne Hires Major Retail Executive to Guide their Direct-to-Consumer Model
Velodyne Acoustics, Inc. announced today that it has hired George Manlove – formerly of Vanns, Inc. – as its Vice President, Global Sales and Marketing. Manlove is a very high-profile executive best known for his 26-year tenure as President and CEO of Vann’s, Inc., a Montana-based traditional bricks-and-mortar and Internet retailer. Manlove also served as chairman of the Progressive Retailers Organization (PRO Group), a national retailer buying group. [Read more…] about Velodyne Hires Major Retail Executive to Guide their Direct-to-Consumer Model
High-End Electronics Retail Innovator Mike Kay Dies
UPDATED 7/17/12: New family wishes (see below)
You can’t know where you’re going if you don’t know where you’ve been – and, to this day, our industry stands on the shoulders of giants such as Avery Fisher, Saul Marantz, and Sidney Harman. But even these industry greats couldn’t do it alone. If it weren’t for their retail partners…pioneers in their own right…no one would have purchased their marvelous inventions. And that’s why our roster of most prominent industry heroes must include people like Michael Kakadelis…better known as Mike Kay…owner of Manhattan’s Lyric Hi Fi & Video, who passed away last Saturday. [Read more…] about High-End Electronics Retail Innovator Mike Kay Dies
