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Best Buy: Pricing Report Inaccurate

2/10/2011 05:14:40 PM Eastern

Minneapolis - Best
Buy described as "distorted" a Bloomberg
News
report on the company's internal conversations about product pricing.

According to Best Buy
spokeswoman Susan Busch, the chain is only exploring an everyday price model, given
the growing transparency of retail pricing, and has neither held any
discussions with vendors nor plans to.

"Best Buy has not
and will not talk about our pricing or flexible pricing strategy," she told
TWICE. "How we set the retail selling price of our products is our decision and
at our sole discretion."

Busch said the news
report was based on a conversation with executive VP/Americas president Michael
Vitelli that centered on the way technology has given consumers information
they haven't had before. "We discussed how the industry has evolved and what
works today vs. what worked years ago. We want to make sure we're communicating
about our prices across all SKUs and all channels every day."

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