Rich Fiscus
29 Jul 2007 19:43
Magnolia Audio Video, a regional electronics retailer owned by Best Buy, has plans to go national and transform itself into the nation's leading provider of AV Design and installation services.
The re-engineered Magnolia would operate out of a smaller footprint — 3,000-square-foot showroom/design centers located next to Best Buy stores with Magnolia Home Theater shops — and would target architects and luxury home developers in addition to consumers.
CEO Jim Tweten said the expansion would fill a need for a national custom installation chain with a recognizable brand and the financial backing of a Fortune 500 company. In the process, it will create an “end-to-end solution” covering all CE bases with Best Buy, Magnolia Home Theater and Magnolia Audio Video representing a good-better-best step-up scenario.
Magnolia will begin its transformation this summer by closing six underperforming stores and remodeling the remaining 13 by early November. The chain will then spend a year tweaking and evaluating the new operation before embarking on its expansion plans.
Source: TWICE