• Describe key factors that drove Best Buy's decline in 2012 (look at Best Buy's mistakes and where they had deviated from their original strategy)
• Describe the competitive environment for Best Buy as of 2012 (donot give their entire history - look at 2012-2017, the key time )

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Reinventing Best Buy In November 2012 we introduced our transformation strategy called Renew Blue. ... A little more than four years later, we figured it is time to call Renew Blue officially over and enter the next phase of our journey. Chairman and CEO Hubert Joly, March 1, 2017, earnings call On March 1, 2017, Best Buy Company, Inc., North America's largest retailer of consumer electronics and appliances, announced a third year of comparable-store sales increases and a 20.8% increase in domestic comparable online sales. These results were in marked contrast to four years of declining comparable-store sales from 2010 through 2013. The stock price rose 17% in March, and on April 20, 2017, it surpassed $50 for the first time since January 2008. (See Exhibit 1.) When CEO Hubert Joly took over in September 2012, Best Buy was losing share to Amazon.com, which was encouraging consumers to view products at Best Buy and other physical stores and then buy them for a lower price online, a practice known as "showrooming. Undaunted, Joly had encouraged the practice, convinced that it presented an opportunity to sell to customers as long as Best Buy's prices were competitive. Joly had committed the company to a multi-channel strategy in North America and exited struggling international operations. Operating margins had increased as a result, but growth was still proving elusive. (See Exhibit 2.) In early 2017, Joly announced that his "Renew Blue" turnaround effort was complete and that he was now intent on creating the New Blue. Would the new strategy be enough to stop Amazon's advances? "3 History of Best Buy, 1966-2012b Best Buy's origins dated back to 1966, when Dick Schulze co-opened a hi-fi store called Sound of Music in St. Paul, Minnesota. By 1981, Schulze had expanded his retail concept to nine stores, but competition had become cutthroat. A tornado came to the rescue, removing the roof of a Roseville, Minnesota, store but leaving the stock undamaged. Schulze cut prices to accelerate sales and found Reinventing Best Buy In November 2012 we introduced our transformation strategy called Renew Blue. ... A little more than four years later, we figured it is time to call Renew Blue officially over and enter the next phase of our journey. Chairman and CEO Hubert Joly, March 1, 2017, earnings call On March 1, 2017, Best Buy Company, Inc., North America's largest retailer of consumer electronics and appliances, announced a third year of comparable-store sales increases and a 20.8% increase in domestic comparable online sales. These results were in marked contrast to four years of declining comparable-store sales from 2010 through 2013. The stock price rose 17% in March, and on April 20, 2017, it surpassed $50 for the first time since January 2008. (See Exhibit 1.) When CEO Hubert Joly took over in September 2012, Best Buy was losing share to Amazon.com, which was encouraging consumers to view products at Best Buy and other physical stores and then buy them for a lower price online, a practice known as "showrooming. Undaunted, Joly had encouraged the practice, convinced that it presented an opportunity to sell to customers as long as Best Buy's prices were competitive. Joly had committed the company to a multi-channel strategy in North America and exited struggling international operations. Operating margins had increased as a result, but growth was still proving elusive. (See Exhibit 2.) In early 2017, Joly announced that his "Renew Blue" turnaround effort was complete and that he was now intent on creating the New Blue. Would the new strategy be enough to stop Amazon's advances? "3 History of Best Buy, 1966-2012b Best Buy's origins dated back to 1966, when Dick Schulze co-opened a hi-fi store called Sound of Music in St. Paul, Minnesota. By 1981, Schulze had expanded his retail concept to nine stores, but competition had become cutthroat. A tornado came to the rescue, removing the roof of a Roseville, Minnesota, store but leaving the stock undamaged. Schulze cut prices to accelerate sales and found