Best Buy Issues Release Reaffirming Holiday Price Strategy

Best Buy

announced today it is introducing a number of "Doorbuster" deals starting on Friday, Nov. 22, ahead of its highly anticipated Thanksgiving and Black Friday deals (6 p.m., and midnight on Thanksgiving, and at 10 a.m., on Black Friday), providing consumers the opportunity to shop early and often at Best Buy. In addition, because consumers may wonder whether a product they buy today might go down in price later in the Holiday Season, Best Buy is announcing its Holiday Low Price Guarantee that will run through Christmas Eve. Starting today, any customer who buys an item from Best Buy and then finds a lower price from a major competitor - or if we lower our own price - will be eligible for a price match and a refund for the difference, through December 24, 2013. The policy excludes the time period from Thanksgiving Day through Cyber Monday. Beyond the company's Low Price Guarantee, Best Buy also offers two important opportunities for customers to lower the price on new products.  First, customers can trade in some of their used electronics, including cell phones, tablets and gaming consoles, and receive credit to be used on a new purchase. Second, anyone using their My Best Buy credit card can earn up to 6 percent in rewards value. This re-affirmation of Best Buy's price competitiveness strategy was previously laid out during the company's recent earnings call. As part of this strategy, the Holiday Low Price Guarantee matches deals offered by competitors, with the goal of removing price and timing as concerns for Holiday shoppers. Consumers now have an opportunity to look beyond the price tag to other factors that can affect where and when they shop - factors including assortment, advice, convenience and service. During the last year, Best Buy has been working hard to strengthen the unique benefits it has to offer. For example: Best Buy has the largest selection of consumer electronics and services in the United States for consumers to see and try in store before they make a purchase.    For example, in tablets - one of the hottest gifts this year - Best Buy is the only place where you can physically see, touch, compare and buy all five top tablet brands: Apple, Google, Kindle, Microsoft and Samsung. In addition, Best Buy has worked with key vendors to bring to market "Only@Best Buy" products with unique features and benefits. Assortment is important but so is availability.  On any given day, Best Buy believes customers will have the best chance of finding the products they want at its stores or on BestBuy.com.    In addition, convenience matters a great deal this time of year.  70 percent of Americans live within 15 minutes of a Best Buy store and BestBuy.com, of course, is open 24 hours a day.  Buy something online and shoppers can pick it up in a nearby store - often in an hour or less - or, for purchases over $25, have it shipped for free.  The Best Buy associates offer unbiased and informed advice for the person who wants help before they buy.  The company's "Blue Shirts" do not work on commission and the company has further invested in training its sales force. In addition, BestBuy.com offers product buying guides and customer reviews - all with the goal of helping the customer find the right product. And customers can benefit from the support and services provided by Geek Squad, in Best Buy's stores, remotely, or in their home. Examples of pre-Black Friday deals offered by Best Buy beginning on Friday, Nov. 22 include: o A Vizio 50-inch TV is on sale for $449.99 after $200 savings. o A 32-inch Toshiba TV is on sale for 199.99. o Customers who purchase a fourth generation Apple iPad with Retina Display will receive a free $75 Best Buy gift card. o A Toshiba laptop will be available for $299. o The Samsung Galaxy S3 16 GB phone is free with two-year activation on AT&T, Sprint and Verizon, for both new and upgrade customers. The sale runs through Saturday, Nov. 23. Additional deals will be announced and made available daily throughout the holiday season. Details on Best Buy's Holiday Low Price Guarantee can be found at: www.bby.com/holidaylowpricegurantee