Best Buy laid off about 5,000 employees earlier this month as the electronics retailer focuses more on online sales.
COVID-19 forced many of the company’s big box stores to temporarily close in 2020. However, demand for Best Buy’s online sales channels has been booming.
During this past fourth quarter, the company’s online sales grew almost 90 percent year-over-year. The e-commerce buys also accounted for 43 percent of the Best Buy’s total domestic sales during the period.
“In Q4, first time launches of the (Best Buy) app were up almost 80%,” added company CEO Corrie Barry in an earning’s call.
Despite the online sales boom, the company still sees its big box stores as an asset. The retail locations were actually key to fulfilling many of its e-commerce orders through curbside pick-up, and same-day deliveries.
“The percent of online sales picked up by customers at our stores was 48%,” Barry said. “For additional context, …