Best Buy cites 'seismic changes' in consumer behavior
mtippett | November 12, 2008 at 09:54 amby
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It is becoming increasingly obvious that the predictions of a worst case scenario are now ever more likely. Following an unprecedented financial crisis we are now seeing an unprecedented crisis in retail.
"Since mid-September, rapid, seismic changes in consumer behavior have created the most difficult climate we've ever seen," said Brad Anderson, Best Buy's chief executive, in a statement. "Best Buy simply can't adjust fast enough to maintain our earnings momentum for this year."
I think it is is time that people come to grips with the reality that the world has changed. This is not cyclical. This is not a downturn. This is a fundamental change in the economic underpinnings of modern capitalism.