Best Buy jumps after launching new third-party marketplace
Shoppers can now buy everything from TV stands to cookware as the retailer doubles its online offerings.
Best Buy shares were up 3% Tuesday afternoon after the electronics retailer announced plans to launch a new third-party marketplace, expanding its online assortment beyond technology.
The move comes as Best Buy tries to reignite growth following three straight years of sales declines. Even after mostly topping Wall Street’s Q1 estimates in May, the company has been under pressure, cutting its full-year revenue outlook.
“With marketplace, we’re able to give them not only more of the latest technology, but a massive new collection of products outside of the tech space so we can truly offer the full experience they need,” the company said in a statement.
That includes accessories like batteries for older cameras, cases for outdated phones, or even furniture designed to frame a new big-screen TV.
Best Buy joins a growing list of retailers, including Walmart, Target, and Lowe’s, betting on the marketplace model that gives shoppers more selection without the burden of carrying inventory.
Best Buy shares are down 14% year to date.
