Best Buy built a retail empire selling TVs and laptops. But to keep growing and fend off rivals like Amazon and Walmart, the company needs new ways to attract customers.
Best Buy outlined plans Thursday to expand its footprint into health, fitness, personal electric transportation, outdoor products and other potentially big ticket areas outside of its core consumer electronics business.It's adding merchandise to stores in dedicated sections, such as Hydrow and NordicTrack home gym equipment, Super 73 and Segway e-bikes and scooters and Weber outdoor grills.
"Read MoreAt the same time, the company plans to close 20 to 30 stores a year over the next three years as it addresses the shift by its customers to shop more online. Best Buy has approximately 1,000 stores in North America.The company's sales surged during the pandemic as consumers stuck at home snapped up electronics for their home offices, home gyms and living rooms. But sales are slowing down. In the last quarter, sales dropped 2.6%, including a worrying 11.2% drop online.
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