Best Buy: Now Everyone Wants an Army Of Geeks
Best Buy (BBY) has a nice niche with its Geek Squad, providing tech-savvy service people to help customers set up large-screen televisions, home theater systems, wireless networks and other high-end consumer electronics goods. It’s such a nice niche, in fact, that now everyone wants to do it.
Citigroup analyst Kate McShane raised the issue this morning in launching coverage of the electronics retailing giant. She rates Best Buy a “Hold,” and specifically focuses on the the rise of Geek Squad clones. That would be good news for geeks, not so good for Best Buy.