Best Buy is building off the first phase of its Renew Blue project with new initiatives focused on smart home and what it calls Assured Living, which is aimed at older consumers.
“Our Renew Blue transformation was about improving the customer experience and fixing what was broken,” said Hubert Joly, Best Buy’s chairman and CEO. “Building on what we have accomplished, we are excited by the opportunities we have in this next chapter to grow the company by helping customers pursue their passions and enrich their lives with the help of technology, which is a much bigger idea and one that is rich with opportunities.”
Among the top priorities for Best Buy is continuing to grow its presence in the smart home segment. By the end of October, company officials said Best Buy will enhance the smart home areas in all stores and roll out to its Best Buy Smart Home Powered by Vivint home automation and security offering to 450 stores. The retailer will also be adding 1,500 dedicated smart home employees.
Best Buy will also be piloting Assured Living, a technology-driven service to help adult children to remotely monitor the health and safety of aging parents. Now available in two markets, the pilot program is designed to create peace of mind for those with aging parents, the company said.
From a fiscal standpoint, Best Buy said it sees sales growing to $43 billion by fiscal year 2021, up from $39.4 billion in the current fiscal year.