After Circuit City goes out of business next month, Best Buy will be the biggest winner, taking on the business of 55 percent of the chain’s customers. That’s according to a report released Thursday by research firm NPD Group.
According to the report, titled "Consumers React to an Evolving Technology Retail Landscape without Circuit City," Best Buy will take the most advantage, with Walmart (11 percent) the second-biggest beneficiary.
"The loss of Circuit City eliminates a shopping option for consumers, a selling option for manufacturers, and a merchandising option away from both,” the company’s vice president of industry analysis, Stephen Baker, said as part of the announcement.
"consumers’ criteria for replacing their Circuit City experience suggests that while the retailing strengths of Best Buy and Walmart may make it difficult to keep consumers from turning to those retailers, there are other retailers and channels that can compete with those two on the basis of price, selection, and location, or some combination thereof. ”
For more, visit www.npd.com
