Best Buy Co., Inc. says it sees a big bright future in online sales.
The Eden, Minn.-based electronics and appliance retailer announced it plans to double web sales to $4 billion in five years. At the same time, it expects to reduce the bricks-and-mortar square footage of its building during the same time.
But not all the growth will be solely online. A recent visit by CEO Brian Dunn with Wall Street investors revealed Best Buy is also eager to open more stores focused on selling mobile phones and service plans.
The company reports that 60 percent of Best Buy items bought were researched online; about 40 percent of web purchases are picked up locally at stores.
Best Buy Executive Vice President Shari Ballard also told analysts: “There’s a new definition of convenience: the ability to interact with a company on your (the customer's) terms,” Ballard said.
According to the web retailer Top 500 Guide, Best Buy has seen overall sales stagnate over the past year while online revenue has steadily grown.