Best Buy Thinks This Television Is The Future Of Its Business
Best Buy tells Goldman Sachs that the high-tech TVs are a “decisive product” for the industry.
Best Buy believes that 4K Ultra High Definition televisions will give business a boost.
CFO Sharon McCollam told Goldman Sachs that the televisions “will be a decisive product for the franchise.”
McCollam spoke at Goldman Sachs’ Annual Global Retailing Conference.
The television’s picture is four times more detailed than standard high definition, according to Best Buy’s website.
They also include Internet access for easy television, movie, and music streaming.
Best Buy is working with manufacturers Sony and Samsung to showcase all the televisions’ features in stores, McCollam said.
The televisions retail for thousands of dollars.
Because the televisions currently cost $4,000 to $10,000, they are not popular enough to impact business, McCollam said. Prices are expected to decline in the next couple of years.
The devices have generated mostly positive customer reviews on Amazon. Fans say the picture quality is remarkably clear.
“The first time I walked into a Best Buy and saw a TV with a 4K picture, my jaw dropped,” one reviewer writes.
Best Buy has been grappling with a decline in store traffic.
The retailer reported sales were down 2.7% last quarter. While online traffic has increased, it’s not enough to offset slowing business.
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