This is a huge marker because Best Buy is one of the few brick-and-mortar retailers that were immune to recessions or inflation (TJ Maxx and Home Depot being the others). If they’re laying off, then this economy is in its death thralls.
I remember how great Fry’s was back in the 90s. My last trip there was a few years ago, and it was sad.
I disagree about Best Buy being a bench marker.
Why? Because the market is saturated with smart phones, TVs, computers and tablets.
Furthermore, you can buy them cheaper at Amazon.
Don’t forget Lowe’s (the more civilized version of Home Depot).
They weren’t immune to recession or inflation. And most importantly they weren’t immune to bad business decisions. BB has been taking on water for years, the switch to “kiosk” style where they’re basically a mall renting space to cellphone companies made them short term money, but in the long term it cost them. They had a nice dead cat bounce with the pandemic and suddenly everybody wanted a smart TV so they could stream. But they’ve been slowly unwinding for close to a decade.