The Radio Shack chain has been a perennial establishment when kids were building electronics and transistors and other quaint products. But with the rise of computers and smartphones, radio shack has become less relevant as kids no longer build their own telephone or light/buzzer device. Today, Radio Shack is seen as a place to sell smartphones and other small electronic appliances. It seems the 21st century has left Radio Shack behind.
said it is in talks with investment banks on ways to bolster its
finances, as the money-losing electronics chain works to remake its
image and reverse sliding sales." As a century old business with a century old name, the first course of business for Radio Shack is a name change. No matter how you cut it, the name Radio connotes old technology and not the place to sell the latest and greatest. Identities are hold to change but Bell Atlantic successfully became NYNEX and finally Verizon and Boston Chicken became Boston Market. It is apparent to me that step one is a name overhaul and a strategic decision as to what kind of technology store you want to be.
Steps are already being taken, according to the article, to update the merchandise and modernize the store, but it needs a name change to complete the transformation. It also faces the same issues that Best Buy and others face, competition from the web and price comparison shopping. A new name, modernized stores, and better merchandizing just might draw a crowd to come in and keep visiting. But I believe it can be done.