RICHMOND, VA: Consumer electronics retailer Circuit City has issued an RFP as the company strives to regain its lost market share.
Senior PR representative Steve Mullen confirmed that the company was searching for an agency, and that the incumbent is Foote Cone Belding Interactive. He also said that the company's procurement staff was leading the agency search, but he declined to divulge any additional details.
Circuit City, the number-two consumer electronics retailer in the country, has recently renovating existing stores and opening new ones in its cutthroat battle with other retailers.
Circuit City is trailing only Best Buy in the fiercely competitive consumer electronics market, where consumers are often drawn to whichever store can offer the lowest prices for popular electronics such as DVD players and digital cameras.
In early January, Circuit City reported that its December 2003 sales were $1.71 billion, down 1% from the $1.74 billion in sales that it achieved in December of the previous year. The disappointing news drove down the price of the company's stock by 11% to $8.92 on the day of the announcement, January 7.