Best Buy Co., Inc. (NYSE: BBY) will begin selling home-gym equipment, the Company said on Tuesday. Some products include treadmills from NordicTrack, Rowing machines from Hrdrow, and USD 2,000 stationary bikes from Flywheel. As of now, the workout gear will only be available online, but by the end of the year Best Buy will have a dedicated “fitness space” in more than 100 stores.
“We know there’s a growing intersection between fitness and technology, and no one knows tech like we do,” said Jason Bonfig, Chief Merchandising Officer. “We’ve promised our customers we’ll help enrich their lives, including their health and wellness, by using technology. This is a great example of how we’re living up to that commitment.” Best Buy has focused in on health-tech recently as part of its “Best Buy 2020” strategy which partly aims to expand the Company’s product range past televisions and laptops. Best Buy made its first push into the health-tech industry last year with its acquisition of GreatCall, an emergency response service for aging adults.
Best Buy will face a number of high tech, gym equipment start-ups in its attempt to gain ground in the business. Companies like Mirror, Tonal, and Peloton have caught the attention of customers looking to work out in their own home with a virtual trainer. Peloton, which makes bikes and treadmills, filed to go public earlier this month.
Shares of Best Buy have gained 30% this year versus competitors like Sears Holdings Corp. (OTCMKTS: SHLDQ), up 32% and Aaron’s Inc. (NYSE: AAN), up nearly 45%