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Executive Summary:
Best Buy has announced extended store hours for the holiday season starting November 3, along with multiple holiday sales including early Black Friday discounts. Shoppers can expect Black Friday deals beginning November 8, with stores remaining closed on Thanksgiving. In addition, Best Buy has extended its return and exchange policy, allowing returns on most products purchased between November 1 and December 31 until January 14.
The retailer’s recent initiatives include a rebranding effort over the summer, featuring a new tagline, expanded color palette, and a hologram spokesperson named “Gram.” The company also launched AI-enabled product tracking for large items and opened its first small-format store in partnership with Bell Canada. Despite these efforts, Best Buy has faced declining revenue, with year-over-year decreases of 3% and 6.5% in Q2 and Q1, respectively, attributed to macroeconomic factors. The overall electronics segment has also seen reduced sales, down 6.6% in September.
With many consumers starting their holiday shopping earlier than usual, Best Buy’s extended store hours, return policies, and early sales aim to capture a larger share of the holiday market.
