Best Buy may cut prices heading into the holiday season to better compete with Amazon and other online sellers, a Best Buy executive told Bloomberg News.
Best Buy President of Digital, Global Marketing and Strategy Stephen Gillett said the chain may lower prices “to make sure that we are competitive across those categories,” referring to TVs, smartphones and tablets.
The mega retailer is bolstering its online presence under its new CEO Hubert Joly. The company hired this week a new head of ecommerce, the former Expedia President Scott Durchslag.
Bloomberg cites Barclay’s analyst Alan Rifkin who says the promotional atmosphere for consumer electronics will remain “intense” this year.
Read the Bloomberg story here.