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Best Buy’s New CEO Has a Huge Challenge Ahead | Fast Five Shorts · Omni Talk Retail

• 0:00
  Best
• 0:00
  Buy
• 0:00
  CEO
• 0:01
  Corey
• 0:01
  Berry
• 0:02
  is
• 0:02
  stepping
• 0:02
  down
• 0:02
  after
• 0:03
  seven
• 0:03
  years
• 0:03
  leading
• 0:04
  the
• 0:04
  consumer
• 0:04
  electronics
• 0:05
  retailer.
• 0:06
  And
• 0:06
  Jason
• 0:06
  Bonfig,
• 0:07
  currently
• 0:07
  Best
• 0:08
  Buy's
• 0:08
  chief
• 0:08
  customer,
• 0:09
  product
• 0:09
  and
• 0:10
  fulfillment
• 0:10
  officer,
• 0:11
  will
• 0:11
  succeed
• 0:11
  her
• 0:12
  as
• 0:12
  CEO
• 0:13
  on
• 0:13
  October
• 0:13
  31,
• 0:14
  2026.
• 0:16
  Barry,
• 0:16
  who
• 0:16
  became
• 0:17
  the
• 0:17
  CEO
• 0:17
  in
• 0:17
  2019,
• 0:18
  was
• 0:18
  the
• 0:18
  first
• 0:19
  female
• 0:19
  CEO
• 0:20
  in
• 0:20
  Best
• 0:20
  Buy's
• 0:20
  history.
• 0:21
  She
• 0:21
  guided
• 0:22
  the
• 0:22
  company
• 0:22
  through
• 0:22
  COVID
• 0:23
  19,
• 0:23
  record
• 0:24
  high
• 0:24
  inflation
• 0:25
  and
• 0:25
  the
• 0:25
  impact
• 0:25
  of
• 0:26
  new
• 0:26
  tariffs.
• 0:27
  Best
• 0:27
  Buy
• 0:27
  Stock
• 0:28
  fell
• 0:28
  nearly
• 0:29
  5%
• 0:29
  on
• 0:29
  the
• 0:29
  news,
• 0:30
  reflecting
• 0:30
  ongoing
• 0:31
  investor
• 0:31
  concern
• 0:32
  about
• 0:32
  sluggish
• 0:33
  comp
• 0:33
  sales
• 0:33
  across
• 0:34
  the
• 0:34
  company's
• 0:34
  entertainment
• 0:35
  and
• 0:36
  appliance
• 0:36
  segments.
• 0:37
  Bonfig,
• 0:38
  a
• 0:38
  27
• 0:39
  year
• 0:39
  Best
• 0:39
  Buy
• 0:39
  veteran
• 0:40
  who
• 0:40
  joined
• 0:40
  the
• 0:40
  company
• 0:41
  as
• 0:41
  an
• 0:41
  inventory
• 0:42
  analyst
• 0:42
  in
• 0:42
  1999,
• 0:43
  the
• 0:44
  same
• 0:44
  year
• 0:44
  as
• 0:44
  Barry.
• 0:45
  He
• 0:45
  will
• 0:46
  become
• 0:46
  the
• 0:46
  sixth
• 0:47
  CEO
• 0:47
  in
• 0:47
  Best
• 0:48
  Buy's
• 0:48
  history.
• 0:49
  In
• 0:49
  his
• 0:49
  current
• 0:50
  role,
• 0:50
  Bonfig
• 0:50
  oversees
• 0:51
  merchandising,
• 0:51
  e
• 0:52
  commerce
• 0:52
  marketing
• 0:53
  supply
• 0:53
  chain
• 0:53
  Best
• 0:54
  Buy
• 0:54
  Canada
• 0:54
  and
• 0:54
  Best
• 0:55
  Buy
• 0:55
  Ads,
• 0:56
  the
• 0:56
  company's
• 0:56
  retail
• 0:57
  media
• 0:57
  network.
• 0:58
  Barry
• 0:58
  will
• 0:58
  stay
• 0:59
  on
• 0:59
  as
• 0:59
  a
• 0:59
  strategic
• 1:00
  advisor
• 1:00
  for
• 1:00
  six
• 1:00
  months.
• 1:01
  After
• 1:01
  stepping
• 1:01
  down.
• 1:02
  The
• 1:02
  board
• 1:02
  noted
• 1:03
  the
• 1:03
  transition
• 1:04
  timing
• 1:04
  end
• 1:04
  of
• 1:05
  Q3
• 1:05
  just
• 1:06
  before
• 1:06
  holiday
• 1:07
  season
• 1:07
  as
• 1:08
  intentional
• 1:09
  providing
• 1:09
  bond
• 1:09
  figure
• 1:10
  Runway
• 1:10
  to
• 1:10
  lead
• 1:10
  into
• 1:11
  Best
• 1:11
  Buy's
• 1:11
  most
• 1:11
  important
• 1:12
  selling
• 1:12
  period.
• 1:13
  Chris,
• 1:14
  do
• 1:14
  you
• 1:14
  think
• 1:15
  Barry's
• 1:15
  experience
• 1:15
  at
• 1:16
  Best
• 1:16
  Buy
• 1:16
  highlights
• 1:17
  the
• 1:17
  need
• 1:17
  for
• 1:17
  merchandising
• 1:18
  or
• 1:18
  store
• 1:18
  ops
• 1:19
  experience
• 1:19
  in
• 1:20
  the
• 1:20
  chief
• 1:20
  executive
• 1:21
  role?
• 1:22
  Oh,
• 1:22
  wow.
• 1:23
  I
• 1:23
  can't
• 1:24
  wait
• 1:24
  to
• 1:24
  hear
• 1:24
  what
• 1:24
  you
• 1:24
  think
• 1:24
  on
• 1:25
  that
• 1:25
  question.
• 1:26
  I
• 1:26
  think
• 1:27
  it
• 1:27
  goes
• 1:27
  back
• 1:27
  to
• 1:28
  what
• 1:28
  you.
• 1:29
  I
• 1:29
  think
• 1:29
  what
• 1:29
  you
• 1:29
  said
• 1:29
  on
• 1:30
  the
• 1:30
  first
• 1:30
  headline.
• 1:30
  I
• 1:31
  think.
• 1:31
  I
• 1:31
  don't
• 1:31
  know
• 1:31
  if
• 1:32
  it's
• 1:32
  a
• 1:32
  requirement,
• 1:33
  but
• 1:33
  I
• 1:34
  think
• 1:34
  it's
• 1:34
  as
• 1:34
  darn
• 1:35
  close
• 1:35
  to
• 1:35
  one
• 1:35
  as
• 1:35
  you're
• 1:36
  gonna
• 1:36
  get,
• 1:36
  especially
• 1:36
  for
• 1:37
  an
• 1:37
  omnichannel
• 1:37
  retailer
• 1:38
  with
• 1:38
  a
• 1:38
  significant
• 1:39
  store
• 1:39
  base.
• 1:40
  I
• 1:40
  mean,
• 1:41
  having
• 1:42
  done
• 1:42
  both
• 1:42
  like
• 1:43
  running
• 1:43
  a
• 1:43
  store
• 1:43
  operation
• 1:44
  and
• 1:44
  being
• 1:45
  a,
• 1:45
  you
• 1:45
  know,
• 1:45
  a
• 1:45
  merchant
• 1:46
  for
• 1:46
  a
• 1:46
  long
• 1:46
  time,
• 1:46
  I
• 1:46
  just
• 1:47
  can't
• 1:47
  imagine
• 1:48
  learning
• 1:48
  the
• 1:48
  lifeblood
• 1:49
  of
• 1:49
  a
• 1:49
  retail
• 1:50
  organization
• 1:51
  while
• 1:52
  being
• 1:52
  my
• 1:52
  only.
• 1:53
  While
• 1:53
  my
• 1:53
  only
• 1:54
  job
• 1:54
  experience
• 1:54
  is
• 1:55
  in
• 1:55
  finance
• 1:55
  or
• 1:56
  HQ
• 1:56
  operations.
• 1:57
  There's
• 1:57
  just
• 1:57
  so
• 1:58
  much
• 1:58
  more
• 1:59
  to
• 1:59
  how
• 1:59
  a
• 1:59
  retail
• 2:00
  operation
• 2:00
  gets
• 2:01
  done
• 2:01
  at
• 2:01
  the
• 2:01
  end
• 2:01
  of
• 2:01
  the
• 2:01
  day.
• 2:03
  And
• 2:03
  so
• 2:03
  when
• 2:03
  I
• 2:03
  step
• 2:03
  back
• 2:04
  from
• 2:04
  this
• 2:04
  story,
• 2:04
  Shelly,
• 2:04
  I
• 2:05
  think
• 2:05
  it
• 2:05
  also
• 2:05
  tells
• 2:05
  me
• 2:06
  that
• 2:06
  Best
• 2:06
  Buy's
• 2:07
  board,
• 2:07
  and
• 2:07
  rightly
• 2:08
  so,
• 2:08
  and
• 2:08
  possibly
• 2:09
  even
• 2:09
  Barry,
• 2:10
  to
• 2:10
  her
• 2:10
  own
• 2:10
  credit,
• 2:11
  feels
• 2:12
  the
• 2:12
  same
• 2:12
  way.
• 2:13
  She
• 2:13
  gave
• 2:13
  it
• 2:13
  a
• 2:13
  good
• 2:13
  run.
• 2:14
  Let's
• 2:14
  not,
• 2:15
  let's
• 2:15
  put
• 2:15
  it
• 2:15
  out
• 2:15
  there.
• 2:15
  She
• 2:16
  gave
• 2:16
  it
• 2:16
  a
• 2:16
  good
• 2:16
  run.
• 2:16
  She.
• 2:16
  She
• 2:17
  was
• 2:17
  there
• 2:17
  seven
• 2:17
  years.
• 2:17
  That's
• 2:18
  a
• 2:18
  long
• 2:18
  time
• 2:18
  in
• 2:18
  the
• 2:19
  life
• 2:19
  of
• 2:19
  a
• 2:19
  CEO.
• 2:20
  The
• 2:20
  electronics
• 2:21
  business
• 2:21
  is
• 2:21
  as
• 2:21
  tough
• 2:22
  as
• 2:22
  they
• 2:22
  come,
• 2:23
  especially
• 2:23
  given
• 2:24
  the
• 2:24
  decimation
• 2:24
  of
• 2:25
  things
• 2:25
  like
• 2:25
  music,
• 2:26
  movies,
• 2:27
  printing,
• 2:27
  things
• 2:27
  that,
• 2:28
  you
• 2:28
  know,
• 2:28
  Best
• 2:28
  Buy
• 2:29
  used
• 2:29
  to
• 2:29
  stand
• 2:29
  behind
• 2:29
  which
• 2:30
  are
• 2:30
  just
• 2:30
  basically
• 2:30
  businesses
• 2:31
  that
• 2:31
  don't
• 2:31
  even
• 2:31
  exist
• 2:32
  anymore.
• 2:33
  But
• 2:33
  by
• 2:33
  the
• 2:33
  same
• 2:34
  token,
• 2:35
  some
• 2:35
  of
• 2:35
  the
• 2:35
  moves,
• 2:36
  some
• 2:36
  of
• 2:36
  the
• 2:36
  moves
• 2:37
  which
• 2:37
  I've
• 2:37
  questioned
• 2:37
  on
• 2:37
  this
• 2:38
  show
• 2:38
  pretty
• 2:38
  overtly,
• 2:39
  like,
• 2:39
  like
• 2:39
  they
• 2:39
  bought
• 2:40
  a
• 2:40
  patio
• 2:40
  furniture
• 2:41
  company,
• 2:41
  they're
• 2:42
  putting
• 2:42
  Ikea
• 2:43
  into
• 2:43
  their
• 2:43
  stores.
• 2:44
  Those
• 2:44
  just
• 2:44
  feel
• 2:44
  really
• 2:45
  odd
• 2:45
  to
• 2:45
  me.
• 2:45
  And
• 2:46
  so
• 2:46
  like,
• 2:46
  I
• 2:46
  just
• 2:46
  step
• 2:47
  back
• 2:47
  and
• 2:47
  go
• 2:47
  like,
• 2:47
  Shelley,
• 2:48
  would
• 2:48
  you
• 2:48
  ever
• 2:48
  put
• 2:48
  mattresses
• 2:49
  in
• 2:49
  a
• 2:49
  Best
• 2:49
  Buy
• 2:50
  store?
• 2:50
  I
• 2:50
  mean,
• 2:50
  who
• 2:50
  knows
• 2:50
  if
• 2:51
  it
• 2:51
  was
• 2:51
  even
• 2:51
  broached?
• 2:51
  You.
• 2:51
  But
• 2:52
  like
• 2:52
  that
• 2:52
  just
• 2:52
  seems
• 2:53
  strange
• 2:53
  to
• 2:53
  me.
• 2:53
  So,
• 2:54
  yes,
• 2:54
  I
• 2:54
  think,
• 2:55
  I
• 2:55
  think
• 2:55
  it's
• 2:55
  maybe
• 2:56
  not
• 2:56
  a
• 2:56
  requirement,
• 2:57
  but
• 2:57
  it,
• 2:57
  it's,
• 2:58
  it's
• 2:58
  something
• 2:58
  that
• 2:58
  I
• 2:59
  would
• 2:59
  be
• 2:59
  looking
• 2:59
  very
• 2:59
  hard
• 3:00
  at
• 3:00
  if
• 3:00
  I
• 3:00
  was
• 3:00
  picking
• 3:00
  a
• 3:01
  next
• 3:01
  CEO
• 3:01
  for
• 3:01
  a
• 3:01
  retailer.
• 3:02
  But
• 3:02
  what
• 3:02
  do
• 3:02
  you
• 3:02
  think?
• 3:02
  I
• 3:03
  mean,
• 3:04
  I
• 3:04
  mean,
• 3:04
  you've
• 3:04
  got
• 3:05
  the
• 3:05
  experience.
• 3:05
  I
• 3:05
  mean,
• 3:05
  what
• 3:06
  do
• 3:06
  you.
• 3:06
  Do
• 3:06
  you
• 3:06
  agree
• 3:06
  with
• 3:06
  me
• 3:07
  or.
• 3:07
  No,
• 3:07
  I
• 3:07
  do.
• 3:07
  I
• 3:08
  think
• 3:08
  we
• 3:08
  just
• 3:08
  talked
• 3:08
  about
• 3:08
  this,
• 3:09
  that
• 3:09
  where
• 3:10
  retail's
• 3:11
  headed
• 3:12
  and
• 3:12
  what
• 3:12
  has
• 3:12
  to
• 3:13
  happen,
• 3:13
  especially
• 3:13
  with
• 3:14
  technology
• 3:14
  and
• 3:15
  where
• 3:15
  the
• 3:15
  consumer
• 3:15
  is
• 3:16
  moving,
• 3:16
  I
• 3:16
  think
• 3:17
  this
• 3:17
  is
• 3:17
  an
• 3:17
  example
• 3:18
  of
• 3:18
  Best
• 3:18
  Buy
• 3:18
  requiring
• 3:19
  than
• 3:19
  financial
• 3:20
  engineering.
• 3:21
  It's
• 3:21
  going
• 3:21
  to
• 3:21
  require
• 3:22
  somebody
• 3:22
  coming
• 3:22
  in
• 3:23
  and
• 3:23
  really
• 3:23
  defining
• 3:24
  the
• 3:24
  core
• 3:24
  strategy.
• 3:25
  To
• 3:25
  your
• 3:25
  point
• 3:25
  of
• 3:25
  where
• 3:25
  can
• 3:26
  they
• 3:26
  win?
• 3:26
  And
• 3:27
  I
• 3:27
  think
• 3:27
  the
• 3:27
  Yardbird
• 3:28
  acquisition
• 3:28
  and
• 3:29
  then
• 3:29
  the
• 3:29
  Ikea,
• 3:30
  you
• 3:30
  know,
• 3:31
  stores
• 3:32
  is
• 3:32
  an
• 3:32
  example
• 3:33
  of
• 3:33
  picking
• 3:34
  adjacencies
• 3:35
  where
• 3:35
  Best
• 3:36
  Buy
• 3:36
  is
• 3:36
  never
• 3:36
  going
• 3:36
  to
• 3:37
  win.
• 3:37
  You
• 3:38
  have
• 3:38
  low
• 3:38
  Jim
• 3:39
  Roy
• 3:40
  possibly
• 3:40
  in
• 3:40
  all
• 3:41
  of
• 3:41
  retail
• 3:41
  with
• 3:41
  patio
• 3:42
  furniture
• 3:42
  due
• 3:42
  to
• 3:42
  the
• 3:43
  seasonality.
• 3:44
  Then
• 3:44
  you.
• 3:45
  It
• 3:45
  begs
• 3:45
  the
• 3:45
  question,
• 3:46
  did
• 3:46
  we
• 3:46
  ever
• 3:46
  need
• 3:46
  another
• 3:48
  retailer
• 3:48
  selling
• 3:49
  flat
• 3:49
  pack
• 3:49
  furniture
• 3:50
  when
• 3:50
  you
• 3:50
  can
• 3:50
  order
• 3:51
  anything
• 3:51
  on
• 3:51
  Amazon
• 3:52
  and
• 3:52
  at
• 3:52
  Wayfair.
• 3:53
  So
• 3:53
  when
• 3:53
  I
• 3:54
  actually
• 3:54
  think
• 3:54
  about
• 3:54
  mattresses,
• 3:55
  I
• 3:56
  think
• 3:56
  that's
• 3:57
  sleep
• 3:57
  technology
• 3:58
  as
• 3:58
  a
• 3:58
  growth
• 3:59
  category
• 3:59
  globally
• 4:00
  and
• 4:00
  one
• 4:00
  of
• 4:00
  the
• 4:00
  most
• 4:01
  searched
• 4:02
  terms
• 4:03
  in
• 4:03
  social
• 4:03
  media.
• 4:04
  You
• 4:04
  could
• 4:04
  actually
• 4:05
  make
• 4:05
  a
• 4:05
  case
• 4:05
  that
• 4:06
  sleep
• 4:06
  tech
• 4:07
  and
• 4:07
  companies
• 4:08
  like
• 4:08
  eight
• 4:08
  Sleep
• 4:09
  that
• 4:09
  are
• 4:09
  consumers
• 4:10
  want
• 4:10
  to
• 4:10
  experience
• 4:11
  in
• 4:11
  stores
• 4:12
  and
• 4:12
  getting
• 4:12
  behind
• 4:13
  a
• 4:13
  growth
• 4:13
  category
• 4:14
  that
• 4:14
  Best
• 4:14
  Buy
• 4:14
  can
• 4:14
  actually
• 4:15
  win
• 4:15
  in
• 4:16
  is
• 4:16
  a
• 4:16
  more
• 4:16
  compelling
• 4:17
  proposition
• 4:18
  than
• 4:18
  some
• 4:18
  of
• 4:18
  the
• 4:18
  things
• 4:19
  they've
• 4:19
  tried
• 4:19
  so
• 4:19
  far.
• 4:20
  But
• 4:20
  I
• 4:20
  think,
• 4:21
  you
• 4:21
  know,
• 4:21
  those
• 4:21
  are
• 4:21
  going
• 4:21
  to
• 4:22
  be
• 4:22
  some
• 4:22
  of
• 4:22
  the
• 4:22
  questions
• 4:23
  that
• 4:23
  Jason
• 4:23
  has
• 4:23
  to
• 4:24
  answer
• 4:24
  as
• 4:24
  he
• 4:24
  thinks
• 4:25
  about
• 4:25
  the
• 4:25
  future
• 4:25
  strategy
• 4:26
  of
• 4:26
  Best
• 4:26
  Buy
• 4:27
  and
• 4:27
  looking
• 4:27
  at
• 4:28
  where
• 4:28
  future
• 4:29
  growth
• 4:29
  exists
• 4:30
  and
• 4:30
  where
• 4:30
  Best
• 4:30
  Buy
• 4:31
  can
• 4:31
  actually
• 4:31
  carve
• 4:31
  out
• 4:31
  a
• 4:31
  place
• 4:32
  where
• 4:32
  they
• 4:32
  can
• 4:32
  win.
• 4:33
  So
• 4:33
  I
• 4:33
  think
• 4:33
  that
• 4:34
  this
• 4:34
  is
• 4:34
  a
• 4:34
  really
• 4:34
  great
• 4:35
  move
• 4:35
  for
• 4:35
  Best
• 4:35
  Buy.
• 4:36
  I
• 4:36
  think
• 4:36
  the
• 4:37
  board
• 4:37
  very
• 4:37
  clearly
• 4:38
  is
• 4:38
  also
• 4:38
  giving
• 4:38
  Jason
• 4:39
  no
• 4:39
  time.
• 4:40
  Holiday
• 4:41
  season
• 4:41
  is
• 4:42
  going
• 4:42
  to
• 4:42
  be
• 4:42
  a
• 4:42
  defining
• 4:42
  moment
• 4:43
  for
• 4:43
  him.
• 4:43
  But,
• 4:44
  but
• 4:44
  I
• 4:44
  think
• 4:44
  overall
• 4:44
  this
• 4:45
  is
• 4:45
  what
• 4:45
  Best
• 4:46
  Buy
• 4:46
  needs
• 4:46
  is,
• 4:47
  you
• 4:47
  know,
• 4:47
  a
• 4:47
  true
• 4:48
  retail
• 4:48
  operator
• 4:48
  coming
• 4:49
  in
• 4:49
  and
• 4:49
  helping
• 4:50
  redefine
• 4:50
  the
• 4:51
  value
• 4:51
  proposition
• 4:51
  for
• 4:52
  the
• 4:52
  future
• 4:52
  of
• 4:53
  Best
• 4:53
  Buy.
• 4:54
  Yeah,
• 4:54
  I
• 4:54
  think
• 4:54
  you've
• 4:54
  nailed
• 4:55
  it.
• 4:55
  I
• 4:55
  mean,
• 4:55
  you've
• 4:55
  nailed
• 4:55
  it
• 4:56
  on
• 4:56
  the
• 4:56
  show
• 4:56
  already.
• 4:56
  Like,
• 4:56
  your
• 4:57
  point
• 4:57
  about
• 4:57
  the
• 4:58
  future
• 4:58
  of
• 4:58
  retail
• 4:59
  is
• 4:59
  going
• 4:59
  to
• 4:59
  be
• 4:59
  dependent
• 5:00
  on
• 5:00
  people
• 5:00
  leading
• 5:01
  it
• 5:01
  that
• 5:01
  really
• 5:01
  understand
• 5:02
  the
• 5:02
  process,
• 5:02
  soup
• 5:03
  to
• 5:03
  nuts,
• 5:04
  both
• 5:04
  digitally
• 5:05
  and
• 5:05
  in
• 5:05
  stores,
• 5:06
  in
• 5:06
  terms
• 5:06
  of
• 5:06
  how
• 5:07
  they
• 5:07
  work
• 5:07
  and
• 5:07
  how
• 5:07
  they
• 5:08
  operate,
• 5:08
  so.