How does Best Buy Survive?

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As you pass by Best Buy, you might wonder to yourself, how is that place still in business? When was the last time you went?

I’m sure you remember going in the 1990s and early 2000s. Myself, I used to enjoy going there to get movies, especially on sale. I filled up an entire bookshelf of VHS tapes. But then came DVDs. Now it was time to replace all your VHS with new DVDs that should be the last format. So Best Buy was a good place to pick up movies here and there. And the came BLURAY! Let’s not even count 3D movies. Replacing your collections again and again was costing $1,000s. It wasn’t worth it. Along came Netflix that could mail you DVDs to view and return. Then Redbox.

How about music? Once we went to Best Buy to buy music. But I’m sure you know how that changed.

So why are they still here? Best Buy still does a few things well…

  • They offer a chance to purchase something immediately. Although Amazon offers PRIME NOW with deliveries in two hours. But typically you need to wait at least two days. Some people have no patience or want something now vs. waiting. Sometimes you might need a cable but be warned, the prices are extremely high on cables.
  • Demo TVs – Best Buy is still one of the best places to buy or check out a TV. Costco does compete and Frys. Walmart and Target try but typcially you’d only get a TV from them on Black Friday.
  • A place to return things. Some people hate the idea of shipping something back to return it. With Best Buy you can just walk back in the store.
  • Warranties. Well, Best Buy really tries to get you to buy pointless warranties, but sometimes they can be useful. Just don’t buy a $10 service plan on a $50 monster cable.
  • Games? You can browse the games that are available.
  • Black Friday. Best Buy often has a least something, even if it’s Bluerays. Black Friday wouldn’t be the same without Best Buy as an option.

But here we are in 2018 and why is Best Buy still here. What can’t you do elsewhere?

With that incredibly long intro, head over to THE WEEK, to read about How Best Buy survived the retail apocalypse.