Best Buy may cut online prices as it heads into the holiday shopping season to compete with rivals such as Amazon.com.
Best Buy, which generates about 6 percent of sales online, is beefing up efforts under new Chief Executive Officer Hubert Joly. The retailer yesterday hired a new e-commerce chief, former Expedia President Scott Durchslag.
Offering competitive prices is “just the price to play” as consumers increasingly compare prices using smartphones and the Web, Durchslag said.
Best Buy rose 4.7 percent to $17.76 at the close.