Best Buy Co., Inc. (BBY) announced a slew of deals for Black Friday 2014, including significant discounts on several Apple Inc. (AAPL) products. Apart from this, there will be several ‘doorbuster’ deals for shoppers when 1,000 Best Buy stores open at 5 P.M on Thanksgiving and 8 AM on Black Friday across 47 U.S. states.
Some of these lucrative deals include Best Buy’s $100 off offer on all iPad Air 2 models which brings the price of a 16 GB iPad Air 2 to $399.99, a 64 GB iPad Air 2 to $499.99 and that of a 128 GB to $599.99. Best Buy will also offer $75 off on iPad mini 3 with Touch ID slashing the prices of 16GB, 64 GB and 128 GB models to $324.99, 424.99 and $524.99, respectively. Other deals include $200 off on 21.5 inch iMac and $50 off on 16 GB iPod touch. The company will also be selling $100 iTunes gift card at $15 discount and Beats Headphone will carry a $90 discount, pricing it at $79.99.
Though Black Friday is more than two weeks away, retailers have jumpstarted the shopping spree by announcing special deals catalogue on their website. Apart from Best Buy, Target Corporation (TGT) has recently put up a deals catalogue on its website with deep discounts on Apple products as well as on HDTVs as these are likely to have huge demand this season. Another retailer, Kohl's Corp. (KSS) also unveiled its deals list for Black Friday.
Apart from Apple products, Best Buy has several other exclusive deals to drive in traffic. These include Samsung 55” LED Ultra HD Smart TV for just $899.99, Panasonic 50” LED 1080p HDTV for $199.99, GoPro Hero 3+ Silver action camera for $249.9, and, several PlayStation 4 and Xbox One games like NBA 2K15 and FIFA 15 at half the original price.
All these deals, including the “doorbuster” deals, will also be available for Best Buy’s online shoppers. Best Buy, which is on a turnaround attempt, is leaving no store unturned to gain incremental sales this season.
Black Friday, the day following Thanksgiving, is mostly a holiday across a sizable section of the U.S. and is followed by a weekend. This is the reason that is has consistently been rated as one of the busiest shopping days of the year since 2005. It is often regarded as the precursor to the Christmas shopping season.
Retailers battle out hard to have a bigger share of sales on this day through aggressive promotions and lucrative deals. The reason why retailers go so aggressive during Black Friday and holiday season as these make up a chunk of their yearly revenues.
At present, Best Buy is a Zacks Rank # 1 (Strong Buy) stock.
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