How do you compete as a high-end boutique electronics chain in the face of giants like Best Buy? Instead of a products company, Jeff Stone shifted Tweeter to being a services company that sells products. “In five years, every single thing in your house will have the ability to communicate,” Stone says. “No one will know how to hook it all together, but it will be our mission.” By setting up high-end stereos and making HDTV, TiVo, and all their pals play nice, Stone has seen revenue from in-home installations jump from almost nothing in 2003 to $30 million last year. It’s still a small part of Tweeter’s $800 million in annual sales, but Stone expects services to double this year and be the engine for future growth. Sweet music indeed.
2005 FAST 50 WINNER
Jeff Stone, 47
President and CEO
Tweeter Home Entertainment Group
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