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Best Buy off to good start of shopping season

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Best Buy, dogged by bad news and drama much of the year, had a good opening weekend as the holiday shopping season roared to a start, MPR reports.

The Richfield-based electronics retailer had the nation's third-busiest retail website on Black Friday, according to comScore, which measures Internet traffic. Best Buy fell below Amazon and Walmart but ahead of Target. (Reuters reported that for the first time, Black Friday online sales exceeded $1 billion.)

And a Deutsche bank analyst said Best Buy had a good weekend because 86 percent of the stores Deutsche contacted indicated they were busy, up from 83 percent last year, Business Insider reported.

Perhaps the best is yet to come for retailers. MPR reports that industry observers expect four of the five busiest shopping days could fall in the 10 days prior to Christmas Day.

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Related

Best Buy's new boss starts retail gig

Hubert Joly, Best Buy's new new president and CEO, officially joined the troubled Richfield-based consumer electronics giant on Tuesday, the Star Tribune reports. Joly, a native of France, is the first chief executive officer at Best Buy recruited from outside of the company. He most recently led the Minnetonka-based hospitality and travel company Carlson. Joly will begin his new role at Best Buy on the sales floor of several stores in the Twin Cities metro. He tells Reuters, "I want to not learn our businesses from the headquarters. I want to learn from the front line."

Best Buy bid delayed?

Richard Schulze wants more time before making an offer for Best Buy, the company that he founded. Reuters reports Schulze, who has been working on his offer for months, is expected to take a 30-day extension to mid-December before submitting his final purchase proposal to Best Buy's board. Citing sources close to Schulze, the Star Tribune reported that his bid would come next week.