Best Buy to Adopt Walmart's 'Every Day Low Price' Strategy?

Shoppers at Best Buy
Shoppers at Best Buy

"Every Day Low Price" is the mantra at Walmart, and now it seems Best Buy is considering adopting the concept as it tries to compete with online retailers and get consumers to shop during non-promotional events.

"We have to move rapidly in recognizing the transparency of pricing," Mike Vitelli, executive vice president and co-head of the North America division at Best Buy told Bloomberg News.

According to a Best Buy spokeswoman, any shift in pricing strategy is in the very early stages of discussion, and there are no more details to share at this time. Why then, tell a national news agency during interviews conducted at Best Buy's Minnesota headquarters?