Aaron’s, reporting quarterly results for the first time since closing its $230 million BrandsMart buy April 1 (see 2204010026), said Monday the BrandsMart business contributed $181.4 million in Q2 revenue. BrandsMart's sales were about 7% lower than in the 2021 quarter, when BrandsMart was still privately held, said Chief Financial Officer Kelly Wall on a quarterly earnings call Tuesday. "This expected decline was due primarily to the normalization of customer demand following a strong second quarter in 2021, which we believe benefited from last year's government stimulus," said Wall. Aaron's isn't providing same-store sales comparisons for BrandsMart because all BrandsMart stores "have been open for more than 13 months," he said. Aaron’s will continue to invest in BrandsMart, “which we believe is the low price leader and retailer of choice for appliances and consumer electronics in the markets we serve,” said CEO Douglas Lindsay. “This new segment performed well in the second quarter, exceeding our internal expectations and increasing our optimism about the additional value creation opportunities available through this acquisition.”
Best Buy announced the opening of its first small-format "digital-first" store, a 5,000-square-foot location in Monroe, North Carolina. Last fall, CEO Corie Barry cited a pilot the retailer was doing in nearby Charlotte (see 2111230051) designed to leverage all of its assets across stores, including fulfillment, services, an outlet, lockers, a digital lab and in-store and in-home consultation labor. The digital-first store is “another piece” to that pilot, said the company. The downsized store will have a “curated” selection of best-in-category products, Geek Squad services and a digital-first experience that encourages customers to shop, select products and get advice digitally while in the store, Best Buy said. Categories include home theater and audio, computing, headphones, wearables, fitness, cellphones, cameras, smart home and small appliances; the store will carry large TVs but not appliances. Fulfillment options include in-store pickup and lockers on the outside of the store “for around-the-clock pick-up,” it said. Most products on display at the Monroe store are available for customers to touch and try out. To purchase, customers use their phone to scan the QR code on a product price tag. That notifies a Best Buy Blue Shirt employee, who will pick up the item in the back room and bring it to the register for checkout. Customers will also be able to use mobile self-checkout for smaller items by scanning the barcode. They can get advice from employees in the store or via chat, call or video chat, the retailer said.
Citing sustainability, Best Buy began charging customers for a single-use plastic bag for their purchases, it said. Over the next few years, Best Buy will work toward reducing plastic bag usage in stores, including offering sustainable options such as paper bags, it said. Shoppers can choose between bringing their own bags or buying one for 10 cents from a Best Buy store. An unspecified portion of the proceeds for the bags the retailer sells will go toward supporting programs such as the Best Buy Teen Tech Center, it said.
Walmart will hold Walmart Wellness Day Saturday “to get healthy ahead of a new school year,” it said Wednesday. Some 4,600 Walmart pharmacies will host the Wellness Day event 10 a.m.-2 p.m. local time; customers can get screenings for glucose, cholesterol, body mass index and blood pressure, plus “affordable immunizations” for tetanus, hepatitis, human papillomavirus, chicken pox/shingles, pneumonia and more, it said. COVID-19 vaccines are free, it said. Select locations will also host vision screenings.
Amid rising prices, U.S. retail sales, excluding automobile dealers, gas stations and restaurants, increased 0.6% sequentially in June, but inflation is causing consumers to modify spending behavior to prioritize essentials such as school supplies, said the National Retail Federation Friday. June electronics and appliance store sales were up 0.4% from May and down 8.7% year on year, NRF said. “Unfortunately, modified consumer behavior won’t be sufficient to offset persistent price increases,” said NRF CEO Matthew Shay, backing policy measures including removing China tariffs, smart immigration reforms and investment in supply chain resiliency "to put much-needed dollars back into [Americans'] pockets.” June numbers show consumers "are powering through price pressures, but inflation is eating away at savings built up during the pandemic and is wiping out recent income gains,” said NRF Chief Economist Jack Kleinhenz. Inflation “will continue to be an issue even if it cools down in the months ahead,” Kleinhenz said.
Best Buy is expanding Samsung Authorized Service and Repair to over 250 stores, it said Thursday. It launched the in-store service for certain Galaxy smartphones in select stores in October. With the expansion, customers will have access to in-person support for nearly all Samsung smartphones, including the Galaxy S and Note devices, plus Galaxy Z foldable phones. The service is available regardless of where customers bought their phone, Best Buy said. Most repairs, including cracked screens, battery issues and back glass replacement, can be completed the same day in the store, “if all necessary parts are in stock and the device is not extensively damaged,” said the fine print. Some repairs may require a longer mail-in exchange process, it said. Best Buy’s Geek Squad agents have been Samsung-certified on special training for Samsung device service “and will only use Samsung-authorized parts during the repair,” Best Buy said. A price calculator on Bestbuy.com helps customers determine service costs. Best Buy Totaltech members get 20% off repairs. Customers with a Samsung Care+ protection plan should contact Samsung directly for service, the retailer said.
Vuzix began delivering a follow-on order valued at over $350,000 for a “large US multinational retailer” to support its warehousing and logistics needs, the smart glasses maker said Tuesday. The customer expects additional “sizable” follow-on orders “as rollouts successfully continue,” Vuzix said, saying global supply uncertainties, disruptions and inflation are forcing companies to better manage their supply chains. Smart glasses are a tool to help retailers reach better productivity, inventory management and order fulfillment, it said. Its partner is Logistiview, which said its software reduces "picking errors."
Travelers will be able to trade up headphones at InMotion stores, said tech repair and resell company Techy, which will buy trade-in headphones from the airport retailer. The “trade-in-to-trade-up" service will be available in 116 stores, it said Monday. Techy will buy back all types of headphones, it said. InMotion retail stores carry brands including Apple, Beats, Clever, Google and Sony. The companies are looking to expand their services, the release said. The companies didn’t respond to questions Monday.
Conn's HomePlus is expanding into New Mexico with the planned opening of a 40,000-square-foot retail location in the Santa Fe Place Mall, it said Thursday. A grand opening is set for Saturday with special promotions, coupons and prizes for guests. Conn’s has over 160 locations in 15 states.
May retail sales through electronics and appliance stores fell 1.3% from April and were down 4.3% year over year, reported the National Retail Federation Wednesday. Overall retail sales in May were down 0.3% from April but up 8.1%, said NRF. That compared with increases of 0.7% month over month and 7.8% year over year in April, it said. “Retail sales are reflecting Americans’ growing concern about inflation and its impact on the cost of everything from groceries to gas,” said NRF CEO Matthew Shay. “We continue our call on the administration to repeal unnecessary and costly tariffs on goods from China to relieve pressure on American consumers and their family budgets.”