In keeping with the times, electronics retailer RadioShack has taken on a new identity, or rather a new nickname. Now marketing itself as “The Shack,” the retail chain is ditching its corporate title in new advertisements and social media efforts.

Monday’s press release reveals that the branding and campaign will run in conjunction with a three-day launch event taking place in New York and San Francisco called “The Shack Summer Netogether.”

In the press release, Lee Applbaum, RadioShack’s chief marketing officer states:  ”Trust is a critical attribute of any successful retailer, and the reality is that most people trust friends, not corporations. When a brand becomes a friend, it often gets a nickname — take FedEx or Coke, for example. Our customers, associates and even the investor community have long referred to RadioShack as ‘THE SHACK,’ so we decided to embrace that fact and share it with the world.”

Whether or not “The Shack” branding will stick is yet to be known. However, it’s apparent that RadioShack is investing a lot of time and money in promoting the message and in connecting with consumers. To illustrate, yesterday I twittered a link to RadioShack’s branding effort. Within seconds, I was being followed by a Twitter Handle, @The_Shack. Here’s what the Twitterer replied to me:

laurenmizzou: Radio Shack alters branding — Now its just the “Shack.” Sounds like a beach bar

The_Shack: @laurenmizzou Yeah, like THE BEST BEACH BAR EVER!

Whoever is behind the Tweeting at The Shack clearly has a sense of humor, which I find refreshing. As long as the company doesn’t try too hard to make its nickname happen, I think it could end up working.

David Coursey at PC World has an interesting take. He writes, “I don’t think the name change will do anything but point out that Radio Shack isn’t cool anymore. ‘The Shack’ connotes nothing of what the company sells and is, if anything, considerably down market. It’s like the company wants to connect with teens and doesn’t quite know how.”

Perhaps the omission of “Radio” is representative of the company’s new commitment to mobile. Just two weeks ago, T-Mobile announced a retail agreement with RadioShack to offer its phones — including the new MyTouch 3G – starting later this summer.

Here’s one of The Shack’s new videos:

What do you think? Will this branding change help or hurt RadioShack? Is this a chance for the company to become more relevant to consumers — or is it a waste of marketing dollars?