A few years ago, it seemed like Best Buy was nothing more than a poorly decorated Amazon and Newegg showroom, and the business of big-box electronics stores was doomed. Sometimes, though, the popular wisdom isn’t true, and an electronics store that appears to be doomed can make a comeback.
Best Buy’s sales are only up slightly, but the big difference is in its online sales, which increased 24% over the same time a year ago. Other strong categories were wearable electronics like fitness trackers, televisions, and home appliances, a market that’s up for grabs as Sears stores close across the country.
Nationwide, the Wall Street Journal notes, electronic sales are down, but Best Buy has managed to increase its overall sales and increase e-commerce sales by a lot.
The company lost sales in tablets and mobile phones, but made up for it in other areas, perhaps with the help of mini-stores from manufacturers demonstrating home theater and TV products.
It also makes Target look bad: the discount store reported an unexpected decrease in electronics sales, particularly Apple products. Maybe that business went to Best Buy instead.
Best Buy Shares Jump as Online Sales Climb [Wall Street Journal]
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