Best Buy is moving beyond its core product offerings with this latest assortment expansion.
In addition to offering Yardbird furniture, the electronics retailer has partnered with Traeger, Weber and Ooni to showcase cooking and grilling products in stores. The rollout of those products follows the acquisition of Yardbird in November 2021 for an undisclosed sum. The deal signaled the retailer’s pivot away from inside living spaces.
Best Buy kicked off its electric transportation push last year as well. It started selling e-transportation products like bikes, mopeds and scooters online, featuring brands such as Super73, Unagi and Segway-Ninebot. Now that category will also be available in stores.
Adding more skin care technology to its assortment builds on a broader expansion into wellness and healthcare tech. In March 2021, the electronics retailer teamed up with Apple to release health and safety tools for elderly consumers via the Apple Watch. Best Buy acquired Current Health , a home care technology platform, last October for an undisclosed sum, which came about three years after its acquisition of connected health and emergency response provider GreatCall.
Like other retailers , Best Buy also faced supply chain issues that cut into its Q4 2021 earnings. Its Q4 comparable sales dipped by 2.3% , and its operating income dropped by 20% compared to last year. Best Buy CFO Matt Bilunas attributed the dip in sales to inventory issues and the spread of COVID-19’s omicron variant.
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Topics covered: retail tech, e-commerce, in-store operations, marketing, and more.
Hiring former Target designers is a sign the department store is serious about its promise to overhaul its own brands. But that won't be enough.
As category players extend lead times and amass inventory to manage delays, they're also building sourcing relationships beyond China and Vietnam.
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