Best Buy Branches Out Into Non-Traditional Sectors Amid Post-Pandemic Slowdown
The COVID-19 pandemic has begun lessening its burden on consumers and, as a result, the consumer electronics sector, which enjoyed booming demand as people looked to entertain themselves at home, faces a more challenging retail landscape. To accommodate this shift, Best Buy , which is known for its retail operations in smartphones, laptops, and TVs , has decided that it will branch out into less traditional electronics sectors such as electric bikes and beauty gadgets. Just today, the retail behemoth announced that it would carry 100 new skin-care devices, both online and at nearly 300 of its brick-and-mortar store locations. This expansion comes as Best Buy expects to see a 1-4 percent regression in sales over the coming year. In 2022, research conducted by NPD projects that the overall consumer electronics industry will experience a 4 percent decline in revenue. This regression comes after the industry hit a record-high $127 billion in sales in 2021, which represents