Best Buy celebrated its 50th anniversary this week with 50 hours of sales, and promptly followed the event with a positive sales report and new pop-up shop showcasing emerging technology.
The company reported stronger-than-expected sales for the second quarter, increasing top line sales, comp-store sales and digital sales. Online sales grew 24 percent during a quarter that included Amazon's Prime Day.
“The Best Buy growth story is really starting to emerge,” said CEO Hubert Joly. “Like any space in retail, there are winners and losers. We’ve raised the bar.”
Best Buy is hosting 50 hours of deals through Saturday to celebrate its anniversary. The company originally began as a small audio retailer called Sound of Music, and when the original location was damaged by a tornado, the ensuing clearance sale boasted "best buys" that proved so popular a new concept was born.
The company has gone through many iterations and is now trying to adapt, yet again. In addition to a growing e-commerce business, brick-and-mortar stores are benefitting from branded shops within the stores from partners including Apple, Microsoft and Samsung.
New technology is also front and center, and Best Buy has put connected home devices on display at a temporary store in the Mall of America, near the retailer's Minnesota headquarters.
The Tech Home concept features a variety of smart home devices and will be open to the public through Sept. 17.
It's one of the first new merchandising programs from Best Buy that isn't with a branded partner, and an important one for the electronics store. Retailers ranging from Target to Sears are developing displays and smart home concepts to support and sell this growing category, one that could generate roughly $287 billion in revenue this year alone.