Last week, Bloomberg reported that Amazon had looked into creating its own brick and mortar discount stores for electronics and home goods. That same day, Best Buy’s stock dipped lower. Just last month, the retailer announced it was laying off 5,000 employees and planning to close more stores. While Best Buy saw sales rise over the past year, fueled by the work-from-home boom, the company noted in its recent earnings call that sales have begun to drop off.

Before the onset of the pandemic, Best Buy announced a five-year plan that focused on adding to e-commerce sales. The new program also focuses heavily on tech support through unlimited access to the Geek Squad, as well as 24-hour concierge services – a sector where the company thrives. Allison Peterson, Best Buy’s chief customer officer, said in the company’s press release that it was looking to continue developing membership programs. Best Buy already offers a Total Tech Support program for $199.99 per year, as well as a points program. The Total Tech Support program will be replaced by Best Buy Beta at the stores where the new program has been launched. Best Buy is not the first retailer to attempt to expand its membership programs. In September, Walmart unveiled Walmart+, a program that gives customers discounts on fuel and free delivery options. Read the original article on Business Insider This article was written by [email protected] (Grace Kay) from Business Insider and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to [email protected].