Best Practice at Best Buy
Not all coronavirus news is bad. Best Buy CEO Corie Barry, in fact, sounded downright bullish recently when she talked about the pandemic’s impact on the retailer’s supply chain.
“We view this as a relatively short-term disruption that does not impact our long-term strategy and initiatives,” Barry said on an earnings call.
What makes her so confident at a time when some Chinese vendors have told Best Buy that they are “struggling?”
For one thing, long before anyone had heard of coronavirus, Best Buy had begun to diversify its supply chain. This best practice stems from lessons learned during the ongoing trade dispute between the United States and China. “We’re leveraging many of the same techniques we did as we were working through the tariffs on the appropriate sourcing and the inventory availability,” Barry told CNBC.
In 2019, Best Buy already was working to reduce the share of goods it imports from China from 60 percent to 40 percent this fiscal year. Coronavirus, Barry told CNBC, is “just one more piece of evidence that will continue to put pressure on diversifying supply chains across the globe.”