Bloomberg News

Best Buy Stores to Open Early to Tap PlayStation, Xbox Demand

November 01, 2013

Best Buy Co. (BBY:US) Chief Executive Officer Hubert Joly wants to ring up sales tied to the PlayStation 4 and Xbox One even before the new game consoles go on sale.

The world’s largest consumer-electronics retailer will open most of its approximately 1,050 U.S. stores as early as 10 p.m. on Nov. 14, before Sony Corp. (6758) starts selling the PlayStation 4 in North America, Chris Koller, Best Buy’s vice president of gaming, said in an interview yesterday. The stores also will open early when Microsoft Corp. (MSFT:US)’s Xbox One goes on sale Nov. 22.

Best Buy is trying to reverse a slide in entertainment sales caused in part by aging gaming systems and competition from Amazon.com Inc. (AMZN:US) and Wal-Mart Stores Inc. (WMT:US) Joly, 54, is betting that customers who otherwise would wait in line outside of Best Buy stores will instead linger inside and grab gaming accessories.

“This is the first time we’ve ever done this,” Koller said by telephone from Richfield, Minnesota, where Best Buy is based. “Everybody will be able to come in and get everything they want to go with the console.”

Best Buy is informing employees about plans for selling the consoles and posting information online for consumers today.

Best Buy shares more than tripled this year through yesterday, the best performance in the Standard & Poor’s 500 Index. (SPX)

To contact the reporter on this story: Chris Burritt in Greensboro at cburritt@bloomberg.net

To contact the editor responsible for this story: Kevin Orland at korland@bloomberg.net


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Companies Mentioned

  • BBY
    (Best Buy Co Inc)
    • $24.47 USD
    • -0.53
    • -2.17%
  • MSFT
    (Microsoft Corp)
    • $40.4 USD
    • 0.65
    • 1.61%
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