It’s a tough world for big-box electronics stores, especially with mounting competition from online retailers like Amazon. To catch up, Best Buy plans to double its online retail presence in the next three to five years.The company also wants to cut costs by opening smaller stores in the United States, with inventory focused on mobile devices. Best Buy expects that reducing its total square footage by 10% could save up to $80 million annually.
The company also announced a “Buy Back” program where consumers can pay for the privilege of guaranteed cash back when they return used electronics to the store. —S.D.