Macy’s Inc. said on Tuesday that consumer electronics retailer Best Buy Co. will set up outlets in 10 Macy’s stores from November on a test basis.
The Best Buy shops will occupy about 300 square feet and be staffed by Best Buy employees, who will sell Samsung smartphones, tablets and smart watches and audio devices and accessories from Samsung and other brands.
The deal marks Macy’s return to selling consumer electronics in its stores, Macy’s President Jeff Gennette said in a statement. Macy’s sells some electronics through its website.
The arrangement with Best Buy is the latest initiative by Macy’s to spur growth.
Other steps have included opening off-price stores in the United States and entering a joint venture in China to sell goods on Alibaba Group Holdings Ltd’s Tmall Global online marketplace.
“We will test and learn, along with Best Buy, through the holidays and into 2016 before deciding on next steps,” Gennette said.
Best Buy’s shares were up 2.5 per cent at $US37.55 in early afternoon trading. Macy’s shares were up 0.8 per cent at $US58.85.
More from Reuters:
- Failure of Congress to pass a budget would create instability: White House
- Cruise ship fire leaves guests stranded on Caribbean island
- Buffett says Berkshire Hathaway still shopping abroad
- Patients steered to fewer pharmacies may fill more prescriptions
- Macy’s to test Best Buy outlets in its stores
Business Insider Emails & Alerts
Site highlights each day to your inbox.