Here are three major changes the chain is making to stay relevant:
1. Find it easier online
With customers moving online and out of its stores, Best Buy has begun to beef up its online store in a bid to compete better with eBay and Amazon.com
2. Clean out gaming clutter
Best Buy has long been a source for new video games, including offering special exclusive content when titles are pre-ordered in stores. It is stealing a page from GameStop's
3. Who doesn't own a cell phone?
It wasn't too long ago that cell phones were bulky gadgets that functioned primarily as phones -- you know, for making calls. Today's smartphones can do more than some computers; many people carry these small computers everywhere they go. Best Buy is going after this market with Best Buy Mobile stores, which are 1/25th the size of a normal store and have an exclusive focus on selling mobile devices.
Will it work?
Best Buy is trying hard to find a way to get customers to its stores, and only time will tell if it will continue to lose customers to other retailers. Fellow Fool John Maxfield is bullish on some retail stores without a decent online presence. Add Best Buy to My Watchlist to see if these new ideas will help performance in the long run. You can find other stocks that are changing the face of retail by signing up for this special free report.