Best Buy's New CEO Plans to Shrink First, Then Grow
Incoming Best Buy CEO Jason Bonfig tells CNBC he aims to expand reach by going smaller first, with a sharper focus on customer experience.
Incoming Best Buy CEO Jason Bonfig is charting a counterintuitive course for the electronics retail giant: shrink before growing. In an interview with CNBC, Bonfig outlined his early strategic priorities as he prepares to formally take the helm, signaling that a leaner operational footprint may be the foundation for any future expansion.
Bonfig's approach reflects a broader reckoning facing big-box retailers in an era of shifting consumer habits, rising e-commerce competition, and persistent pressure on physical store traffic. Rather than chasing scale immediately, the incoming chief executive appears to be betting that a tighter, more focused operation will deliver a stronger customer experience — widely seen as the battleground where traditional retailers must win to survive.
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The emphasis on customer experience is not a new theme in retail, but it carries particular weight for Best Buy, which has historically differentiated itself through in-store expertise, hands-on product demonstrations, and services like the Geek Squad. Bonfig's comments suggest those pillars remain central to the company's identity even as it recalibrates its physical presence.
While specific details on store count targets or operational timelines were not disclosed, Bonfig's signaling to CNBC marks an early and deliberate effort to shape investor and employee expectations ahead of his tenure. How quickly he can balance contraction with credible growth will likely define the early chapter of his leadership at one of America's largest consumer electronics chains.
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