New Best Buy Strategies Will Combat 'Showrooming'

During Best Buy's , interim CEO Mike Mikan said while the company had a lot of work to do, it was "on track" to meet its annual plan.

According to MPR, Mikan promised shareholders aggressive cost-cutting initiatives over the next couple years and more innovation, recognizing the company was slow in responding to changes in the market. The company has lost sales to Amazon.com and Apple Inc. and Mikan believes improving the in-store and online shopping experience is necessary.

In addition, .

"Total square footage will go down as we make decisions about the best use of resources," Mikan said. "But as we assess opportunities, our total number of storefronts may stay the same or even grow somewhat, though with a more focused presence. We're already moving down that path but we'll need to do more."

According to Business Week, Best Buy plans to make $800 million in cuts over the next three years.

While the company will cut some costs with cutting floor space, Mikan said the company will spend more money on training its employees. The added training will hopefully enable workers to sell to consumers who are now using the stores to compare prices and then buy from online rivals. MPR said roughly 50,000 employees will attend training between August and the holidays.

The newly revamped Richfield store is set to .