Will Best Buy’s Huge Gamble Help Defeat Amazon?
Best Buy (NYSE:BBY) has made a $400 million dollar bet on this year’s holiday shopping season.
In an attempt to compete with Amazon (NASDAQ:AMZN), the company announced in mid-October that it would match appliance and electronic prices of the online retailer for the season. Electronic sold in the online stores of Apple (NASDAQ:AAPL), Dell (NASDAQ:DELL), Sears (NASDAQ:SHLD), Target (NYSE:TGT) and several other retailers are also eligible.
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This strategy is part of Best Buy Chief Executive Officer Hubert Joly’s plan to turnaround the company. Increasingly customers have used the electronic retailer’s brick-and-mortar stores for showrooming, meaning consumers browse the company’s inventory before making purchases online. Joly will speak to analysts and investors on Tuesday in New York regarding the company’s future.