Best Buy (BBY-1.2%) is making a big push into new product categories
The retailer plans to sell luggage, outdoor fire pits, outdoor lighting, outdoor cooking appliances and outdoor grills as it looks to attract sales from consumers spending more on travel and their homes.
A new eSports collection from Tumi being sold buy Best Buy is aimed at gamers that need to travel with their gear.
Best Buy is running up against some tough comparable after online sales in the U.S. rose 144% last fiscal year as the pandemic shift in consumer buying habits factored in. Comparable sales were up 9.7% overall in FY20 and are projected to grow 3% to 6% this year.
"We expect shopping behavior will evolve as customers are able to spend more time on activities like eating out, traveling and other events," stated Best Buy CFO recently Matt Bilunas on the new product strategy.