Home Outlets Has Best Buy found an outlet for future growth? – RetailWire

Has Best Buy found an outlet for future growth? – RetailWire

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May 12, 2022

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Best Buy is moving forward with its plan for doubling the number of outlet stores it owns over the next year.

According to the consumer electronics retailer, it is opening four new outletsThis summer and autumn, Chicago, Houston, Manassas and Phoenix will host the event. The 16 outlets already owned by the chain will have additional stores that offer clearance and open-box products at discounted prices.

The new stores in Chicago and Manassas are remodels of existing Best Buy stores. The Houston outlet store will be relocated to a new location that is three times larger than its current home.

Best Buy is expanding its product range at its stores, adding gaming products, mobile phones, and tablets to the mix. Even though the retailer is selling discounted products, it does not compromise on service. Every outlet will have a Geek Squad area, where customers can receive technical support.

The chain is also integrating its outlets into its digital operations. Shoppers can visit bestbuy.com/outlet to check out what’s available at their local store. They can also place orders for any product and pick it up at a nearby store.

Best Buy’s outlets also offer same-day delivery of online orders. To make deliveries, the retailer uses third-party service provider Bungii or Dolly.

Outlet stores can serve many functions for Best Buy.

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Damien Harmon, executive vice president, omnichannel at Best Buy, in March on the retailer’s fourth quarter earnings call said, “These outlets unlock value by alleviating space and capacity from our core stores, and they are an important element of our circular economy strategy by providing a second opportunity for products to be resold instead of ending up in the landfill. In FY ’22, gross liquidation recovery rate is almost two times higher than alternative channels.”

Best Buy also has outlets that help them attract new customers, and to engage with other customers who haven’t previously shopped at the chain. Mr. Harmon said that 16 percent of customers shopping at Best Buy’s outlets are new to the chain and 37 percent are “re-engaged.”

DISCUSSION QUESTIONS : Which area do you believe Best Buy will see the greatest benefit from its new outlet stores strategy? Is the chain doing enough in order to make its outlet experience stand out from other options on the market?

Braintrust

“Outlet stores are a strong strategy for minimizing risk during economic uncertainty when consumer spending is more focused on value spending.”

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