Electric vehicles and solar power might be the keys to Best Buy’s longevity, according to an article on Motley Fool. Both online and physical retail stores have been chewing away at their market-share for years now, for Best Buy to remain a major player they will need to find new niches in electronics.
From the article:
Best Buy has gradually been moving into the service business for years. Go to the company’s website and you can see services for home theaters, computers, car GPS, gaming, and many others. Geek Squad has become a do-it-all electronics arm for the company to sell electronics to consumers.
If you’re buying a large home theater system or need some computer help, this is a valuable servicem and it’s one of the reasons Best Buy can compete with Amazon.com, Target, and Wal-Mart. But this may just be the start for Best Buy.
The company recently announced a deal with Ford (NYSE: F ) to provide electric charging station sales, installation, and support. Ford’s dealers don’t want to become on-call electricians who go to your home and install a car charger, so Best Buy does it. The service side of the business is already there, so it’s a natural fit for Best Buy.