Sep 2, 2018

The retailers creeping up on Best Buy

Photo: Justin Sullivan/Getty Images.

A long-time fear among investors is that Amazon, the top retailer of consumer electronic products, will continue to eat away at Best Buy's market share. But traditional retailers are coming for Best Buy's niche, too.

What to watch: According to Michael Lasser, a retail analyst at UBS, healthy results from big-box stores in the consumer electronics category suggests there could be some "chipping away" at Best Buy's dominance in this area.

  • In Target's most recent quarter, electronics sales were a key driver in its "hardlines" category.
  • Costco also cited strong growth in its computer and tablet sales.

The other side: In a call with investors this week, Best Buy's CEO said the company has no intention of handing off its business to "mass retailers," or companies like Target, Walmart or Costco:

If you are a customer that is excited about technology and is looking for help and support in a relationship, we are building something that's very, very special and we feel it's working. So I know in the past there's been this idea that's once technology matures it goes to the mass channel and then we have to move on .. that's not at all what we're seeing.
— Hubert Joly, Best Buy CEO

The bottom line: There is always a risk that "specialty retailers" like Best Buy will see increased competition from retailers that sell a variety of merchandise, not just electronics. This is likely the reason Best Buy has put so much emphasis on its technology expertise (the Geek Squad) and has ventured into health services.

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In photos: Life in the era of coronavirus across the U.S.

Cellist Jodi Beder performs a daily concert on her front porch in Mount Rainier, Maryland, to help people passing by and her neighbors cope with the outbreak. Photo: Andrew Caballero-ReynoldsE/AFP via Getty Images;

The number of novel coronavirus cases in the U.S. has grown from one on Jan. 21 to over 312,000 by early Sunday, per Johns Hopkins.

The big picture: Roughly 3/4 of the American population is on lockdown. From practicing social distancing to the shutdown of non-essential businesses, here's how Americans are coping with the massive upheaval the outbreak has brought, in photos.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of midnight ET: 1,202,827 — Total deaths: 64,771 — Total recoveries: 246,886Map.
  2. U.S.: Total confirmed cases as of midnight ET: 312,076 — Total deaths: 8,496 — Total recoveries: 14,997Map.
  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. The virus is hitting poor, minority communities harder and upending childbirth.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. "We're having the convention at the end of August."
  5. Business updates: Restaurants step up for health care workers. Employees are pressuring companies to provide protections during coronavirus.
  6. Oil latest: Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia.
  7. Education update: Many college-age students won't get coronavirus relief checks.
  8. 1 🏀 thing: The WNBA postpones start of training camps and season.
  9. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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World coronavirus updates: Confirmed cases top 1.2 million

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The number of novel coronavirus cases surpassed 1.2 million worldwide Saturday night, as Spain overtook Italy as the country with the most infections outside the U.S. The global death toll has surpassed 64,700, per Johns Hopkins data.

The latest: The United Kingdom's Queen Elizabeth II will speak in a televised address on the coronavirus Sunday of the "disruption that has brought grief to some, financial difficulties to many, and enormous changes to the daily lives of us all," per the BBC. The U.K. death toll rose 708 to 4,313 on Saturday — the fourth highest in the world.

Go deeperArrowUpdated 3 hours ago - Health