Retail
Can Best Buy Make a Dent in the Wedding Registry Business?
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Best Buy Co. Inc. (NYSE: BBY) has now thrown its hat in the ring for the wedding registry business. The company’s press release indicated that there are over 1.5 million couples that register for wedding gifts each year. For these couples, they choose between an average of three retailers. By Best Buy entering the ring, a wider assortment of consumer tech goods will be available than before.
Couples will be able to create and manage their registry through Best Buy’s online site or through the mobile app. Early April is when we should expect to see in-store kiosks in all Best Buy locations. Ultimately they will be used to help both registrants and gift givers. Couples will also have the option of syncing their registry with MyRegistry.com and TheKnot.com.
By using the wedding registry, couples will have access to practically all Best Buy products. It will also include a group gifting option that will allow gift givers to pool together to contribute to a larger item.
Wendy Fritz, Best Buy Head of Gifting Strategy, commented on the new registry system:
Electronics and small appliances are as important to today’s newlyweds as silverware and towels. The Best Buy Wedding Registry has the gifts that couples want and need — and that both brides and grooms can get excited about.
This will put Best Buy into direct competition with registry juggernauts such as Macy’s Inc. (NYSE: M) and Target Corp. (NYSE: TGT), as well as the dozens of other national retailers that go after wedding registries.
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The big question is whether Best Buy guessed right and that consumer electronics are the new trend for wedding registries or whether people will continue to stick to more traditional gifts. And think of the good news: Best Buy did not say it wanted to sell jewelry. But now newlyweds can ask for wedding guests and friends and family to chip in on that new 70-inch flat panel TV.
Shares of Best Buy were up 0.5% at $38.26 approaching Wednesday’s closing bell. The stock has a consensus analyst price target of $41.22 and a 52-week trading range of $23.87 to $40.03.
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