US consumer electronics chain Best Buy Co Inc is looking to double its online business within five years to address a growing consumer trend of buying gadgets online and improve results at its television business.
Chief executive Brian Dunn has described the company’s $US2 billion online channel as Best Buy’s “greatest growth opportunity”, Reuters reports.
Dunn also expressed optimism about a US push to expand the collection of sales tax to online purchases.
“We believe it’s just a matter of time before this field is levelled,” he said.
Best Boy similarly unveiled plans to cut costs by opening smaller stores and reducing the size of its big box stores.
“These stores, unless they are radically reconfigured or shrunk, are white elephants,” Craig Johnson, president of Customer Growth Partners, said.
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