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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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