Industry Growth Expected; Shelf Space Added
Today, the nation’s largest electronics retailer, Best Buy, released numbers for its first quarter. Quarterly profits pulled significantly ahead of last year’s same-quarter tally. The strongest growth came with games, MP3 players, HDTV’s, and laptops.
Best Buy’s strong sales are part of a growing trend. The game industry is one of the fastest growing industries in America. One analyst expected that square footage for video games would, “increase between 50-55 percent by 2007 driven by the launch of new hardware platforms…we estimate 26 percent of the growth will occur in CY05 (Calendar Year 2005), 54 percent in CY06, and 20 percent in CY07.”