Step four: Seek some sort of partnership with Amazon. Because they're sharp, Amazon and Facebook (FB) are working together.
A good story on the broad topic from Consumer Affairs ends like this: ... new services by Amazon and Facebook seem to be just the beginning in social networking sites, online retailers and brick-and-mortars melding together to make it easier for the consumer to shop, share and ship gifts all at the same time.
Yes, the "melding together." Best Buy cannot live in a world where the only melding happens between social networks and online/brick-and-mortar retailers other than itself.
If Hubert Joly approaches executives at Amazon.com he might get laughed off of the telephone. And, undoubtedly, he would still be using a landline. If Gillett or Best Buy E-Commerce President Scott Durchslag calls, Skypes or emails, expect Amazon to take the meeting.So what should Best Buy do once it gets in front of Amazon? That's the part that likely makes the BBY board and cats like Joly uncomfortable. Takes them out of their element. In fact, there are likely some people in the world who simply cannot get their head around the broad idea I propose -- go to the company that kicked your butt, admit defeat and partner. Best Buy still has some worth, even to Amazon. The innovation -- what to do here -- belongs in another, longer article. But, think about initiatives such as Amazon Locker or Amazon Fresh. Think about Amazon adding a solid customer service option to some of the things it sells and using Best Buy's massive brick-and-mortar footprint to execute it. Just examples there (though the makings of good ones I reckon), but think bigger picture. It's something lots of folks, particularly the ones making so many bad decisions at Best Buy, cannot seem to do. The company's board better start because, at the current rate, no matter what happens in the public-private tussle, things do not look like they'll end well. Follow @rocco_thestreet --Written by Rocco Pendola in Santa Monica, Calif.