Best Buy makes layoffs amid online shift, electronics pullback

Author

Stephen Babcock
April 17, 2023

Two decades ago, Barnes & Noble figured to be among the primary casualties of Amazon’s rise. Yet The Guardian finds that the chain has not only survived, but is planning to expand. In a return to its community-level bookstore roots, each store operates with a degree of independence, while executives have scaled back on toys and calendars. – The Guardian

High-dollar purchases like electronics and furniture were among the categories with the largest declines in sales in March, according to data from the US Commerce Department. It's the latest sign that shoppers are becoming more cautious. They also see inflation sticking around at a higher rate for the next year, according to the University of Michigan’s consumer sentiment index.

The pullback in electronics was on view at Best Buy, which eliminated roles for “consultants” that sold computers and smartphones across 900 stores last week. It’s the latest move by the retailer to rethink the store staffing model as sales through digital channels grow, and more omnichannel offerings are introduced. – The Wall Street Journal

Earth Day is almost here. Take it as a reminder that consumers are increasingly prioritizing environmentally-friendly ingredients and packaging methods in products all year long. Shopkick found that 86% of consumers want brands to provide more sustainable products, and 40% plan to purchase more now than they did a year ago. Grocery was the most important category to nearly eight-in-10 survey respondents. –Chain Store Age

Welcome to a new week. Earnings season will be back in full swing, as consumer goods and tech giants are set to provide a look at their first quarter results, and the state of the economy. Keep an eye on whether Procter & Gamble is turning around volume declines, and how Snap Inc. is seeing the advertising market taking shape in 2023.

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