Big box retailer sees heavy financial and management losses

Best Buy disappointed by UK launch

Best Buy UK is expected to post losses of £45m this year, as its UK launch has not been as successful as hoped.

According to Marketing Week, this follows the exit of many senior Best Buy executives, most recently UK marketing director Kevin Styles and UK commercial director, Harry Parmar.

Marketing Week also reports that the departures could indicate "conflict behind the scenes". Jeff Severts, Best Buy Europe’s chief marketing officer said that he is “not satisfied that enough people in the UK know about Best Buy”. Despite this, he is "comfortable that we have the right strategy for the UK market”.

Severts added that the long-term strategy and brand positioning has not changed but that Best Buy hopes to continue to “refine and improve” its tactics.

The US electronics retailer hopes to continue with the “bold and audacious” plan to open 80 new stores around the UK.

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