To help celebrate its 50th anniversary, Best Buy is showcasing some of the latest technology it sells in a house of sorts it has temporarily put in the middle of the Mall of America. The display, called Best Buy Tech Home, opened in the mall's rotunda on Monday and will stay open through Sept. 17. Inside are several rooms — a kitchen, living room, office and bedroom — outfitted with smart products. The idea is to show consumers how doorbells, lights, music, home security and even refrigerators can be controlled from a smartphone or tablet and how it could make their lives easier or better.
Total Retail's Take: Best Buy is betting on the Internet of Things. The technology, which is slowly being integrated into retailers’ offerings, represents a growth opportunity for the consumer electronics brand. For Best Buy, which self-admittedly said in the past that a "lack of innovation" has led to sales declines, this is hopefully another step in the right direction. Yesterday, Best Buy reported second-quarter earnings that beat expectations on both sales and profits, sending the retailer's stock soaring.