Cup of Coffee : "We Were Pioneers, in Dealing With a High Velocity of Change"

Though the recession has battered Best Buy every bit as forcefully as other consumer electronics purveyors, the company still occupies the pinnacle of CE retail and has not shied away from talk of European expansion, even as it regroups to adjust to the current thrift among its American customer base.

Brad Anderson, who has served as Best Buy’s Vice Chairman and CEO since 2002 (after 30 years at other posts within the company), is widely credited with a leadership style that has embraced constant change and named “having fun while winning” a core value. Anderson plans to retire at the end of June, handing over the reins to Best Buy’s current President and COO, Brian Dunn. Anderson spoke with Picture Business about this latest transition, just one of many in his extraordinary career.

PB:  You’ve said on numerous occasions that one of Best Buy’s core values company-wide is learning from challenge and change. Do you look upon your years in leadership as a period of near-constant transition?
Anderson: Yes. Yes I do. And one of the things I love about our business is that it’s in a state of constant turmoil. I guess that’s because I’m easily bored. This business is so challenging. I think when they look back at us 50 years from now, they’ll find that we were pioneers in dealing with a high velocity of change, most of which I think will be beneficial in the long run. But the change came at us with such velocity that we hadn’t developed systems to fully adapt to it, and in fact, we are still early in the Digital Age.

PB:  You certainly presided over unprecedented growth, both in sales numbers and in scope of the company’s vision.  Looking back, are there certain highlights that stand out to you, like the moment the company hit a billion in annual revenues [1992] or opened the first superstore in China [2007]?
Anderson: There are so many. Those are two of them. For me, the biggest single thing about the business that I’ve loved is being connected to individuals’ dreams. I remember a lady in one of our stores saying that for the first time, she was realizing what a valuable woman she was, her knowledge and skills. She had two kids and I think realizing that about herself made her feel like a better mother as well.