by Christopher Freeburn | March 12, 2013 11:12 am
Kitchen appliances will receive a prominent spot in a number of Best Buy (NYSE:BBY) stores this year.
Eager to cash in on rising appliance sales, the struggling big box retailer will open 18 to 25 store-within-a-store areas to highlight high-end kitchen equipment. The idea to increase the prominence of kitchen appliances came from new CEO Hubert Joly, the turnaround expert that Best Buy hired last year, the Star Tribune notes.
Same-store sales of kitchen appliances have grown for nine straight fiscal quarters at Best Buy, averaging a quarterly sales rise of 10.3%. The chain’s new focus on appliances comes as the U.S. housing market continues to recover, potentially attracting both new homeowners and home re-modelers to its stores.
In addition to highlighting appliances, Best But will reduce floor space devoted to CDs and DVDs, and add space for smartphones and tablet computers.
Last month, Best Buy’s founder, Richard Schulze ended a bid to take the company private after reportedly failing to obtain the required financing for a bid.
Shares of Best Buy rose more than 1% in Tuesday morning trading.
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