LAS VEGAS–Asked about the state of the U.S. economy, Best Buy CEO Brad Anderson said on Tuesday that it is clearly a concern.
“People that are getting their first (home heating) oil bills at $3 a gallon,” he said, even as the U.S. mortgage crisis continues to hang over the economy. “The share of mind the word’ is getting in the media has us concerned,” he said, alluding to but not uttering, the word recession.
But Anderson said it was the transition to digital television that posed the biggest threat to his industry, warning of the dangers if consumers find themselves having TVs that don’t work once the broadcasters end their analog signals in February of 2009.
“We’re very nervous about the potential risk,” Anderson said. “I think the industry will be damaged if we as an industry don’t handle this well.”
His comments came as part of a panel discussion of several retail executives at the Consumer Electronics Show here.
Circuit City CEO Philip J. Schoonover, meanwhile, was most concerned with his own company’s performance, which has lagged the industry.