Top 18 Best Buy Competitors & Alternatives in 2024

The top Best Buy competitors are Walmart, Target Corporation, Costco, Staples, KMart, Office Depot, Sears and others. Best Buy is an American multinational electronics retailer that was established during the year 1966 and is headquartered in Minnesota, United States. It was initially started as an audio specialty store by name Sound of Music.

Over the years it was rebranded with more focus on consumer electronics. It is the largest operator of consumer electronics stores in the US by having about 1145 locations. It is also the main player in the world of e-commerce. It is one of the largest e-commerce website in the US and has about 31 million users per month. Best Buy also operates in Mexico and Canada.

Best Buy net income for the quarter ending April 30, 2023 was $0.244B. Best Buy gross profit for the quarter ending April 30, 2023 was $2.150B. Best Buy Revenue quarter ending April 30, 2023 $9.467B. Market cap of Best buy is $17.21B (August 22, 2023).

Being the top in the list among the US e-commerce, Best Buy has many competitors both in the offline and online retail sectors. Let us see them through this article.

Best Buy’s competitors include:

1) Walmart

• Product Type: Hypermarkets, and grocery stores.
• Industry: Retail.
• Founded: 1962,
• Founder: Sam Walton.
• Headquarters: Bentonville, Arkansas, United States.
• Current CEO: Doug McMillon.
• Revenue: $161.632B (July 31, 2023)
• Market cap: $424.15B (August 21, 2023)
• Number of employees: 2,100,000 (2023)

Walmart is an American multinational retail industry that was formed during the year 1962 and is headquartered in Arkansas, United States. Its business operations include a chain of hypermarkets, discount department stores, and grocery stores. The company’s main focus is to provide a low price for its products to benefit the customers.

Walmart has expanded internationally and currently operates approximately 10,500 stores and clubs in 20 countries It also has its online store to sell their products. The internal logistic system of Walmart is well-taken care by the use of great innovative methods and technology. Walmart has an excellent system to track the performance of any product in each store and country. Walmart strives hard to provide a unique experience to the shoppers both online and offline store.

Walmart net income for the quarter ending July 31, 2023 was $7.891B. Walmart gross profit for the quarter ending July 31, 2023 was $39.782B. Walmart total assets for the quarter ending July 31, 2023 were $245.053B.

In order to encourage the customers to purchase from them, Walmart provides a gift card system. The gift card can be used for their purchase that can be redeemed at the stores. The customer can monitor the Walmart gift card status on the website itself. Walmart has grown to a higher level over the years and has reached to millions of customers, due to which it is a top Best Buy competitors

2) Target Corporation

• Product Type:  Hypermarkets, and grocery stores.
• Industry: Retail.
• Founded: 1902,
• Founder: George Dayton.
• Headquarters: Minneapolis, Minnesota, United States.
• Area served: United States.
• Current CEO: Brian Cornell.
• Revenue: $24.773B (July 31, 2023)
• Number of employees: 440,000 (2023)
• Market cap: $60.56B (August 18, 2023)

Also regarded as a top Best Buy competitor, Target Corporation is the second largest department store retailer that was formed during the year 1902 and is headquartered in Minnesota, United States. It is a chain of the retail store that offers food and pet supplies, household items, accessories, apparel, home furnishings etc.

The company has its operations in the United States only and also through its online store. The main strength of this company is its strong presence in the US retail market. Having a large scale, Target has economies of scale that has its enormous buying power and can enforce low prices. The products offered by Target Corporation are affordable but stylish. Target Corporation has adjusted its price positioning as per the trends in the market and has introduced many schemes like ‘Expect More Pay Less’, ‘Low Price Promise’ etc.

Target is a general merchandise retailer with stores in all 50 U.S. states and the District of Columbia. According to their corporate website, 75% of the U.S. population lives within 10 miles of a Target store. Target has 1,954 stores in the U.S., 56 supply chain facilities, and 30 office locations globally.

Target gross profit for the quarter ending July 31, 2023 was $6.975B. Target net income for the quarter ending July 31, 2023 was $0.835B. Target operating income for the quarter ending July 31, 2023 was $1.197B.

This provides value addition at low prices and has a strong customer base. Target Corporation has introduced the REDcard Rewards loyalty program to attract customer loyalty and for business security.

3) Costco

• Product Type:  Hypermarkets, and grocery stores.
• Industry: Retail.
• Founded: 1983,
• Founders: James Sinegal and Jeffrey Brotman.
• Headquarters: Issaquah, Washington, United States.
• Current CEO: Craig Jelinek.
• Revenue: $53.648B ( May 31, 2023)
• Number of employees: 304,000 (2022)
• Market cap: $241.46B (August 18, 2023)

A wholesale retail corporation, Costco is an American multinational corporation that was established during the year 1976 and is headquartered in Washington, United States. It is an international chain of membership-only warehouses. It is one of the world’s largest retailers of organic food, choice and prime beef, wine, and rotisserie chicken. In 2023, its Market Cap was $241.46B and net income $1.302 billion.

Costco gross profit for the quarter ending May 31, 2023 was $6.473B. Costco operating income for the quarter ending May 31, 2023 was $1.679B

The main strength of the company is its price positioning thereby gaining customer loyalty. Costco follows the low-cost operation by optimizing all the processes to gain minimum cost and attain maximum output. They have a streamlined distribution network that supports the company’s strategy for price positioning. Costco maintains a four-fold approach to develop a sustainable and environmentally liable business.

The four-fold approach focuses on increasing warehouse energy management system, reduce carbon footprint, packaging design initiatives, and to develop a waste stream management system. Costco has its operations in many countries with an attractive value proposition to its loyal customers, due to which it is a top Best Buy competitor.

4) Staples

• Product Type:  Hypermarkets and grocery stores.
• Industry: Retail.
• Founded: 1986,
• Founders: Leo Kahn and Thomas G. Stemberg.
• Headquarters: Framingham, Massachusetts, United States.
• Current CEO: Shira Goodman.

Staples Inc is an American multinational lifestyle and retail industry that was founded during the year 1986 and is headquartered in Massachusetts, United States. Staples supplies office supplies, furniture, and electronics for low prices.

As of July 5, 2023, there were 998 Staples stores in the United States. Its business deals extensively with enterprises in the United States and Canada. The main products of the company are promotional products, office machines, technology, furniture, and business services through online and offline stores. The company expands the product assortment thereby making shopping and saving easier.

The company provides many ways to save right from offers to rewards and more. They provide daily deals, coupon redemption, rewards program, business discount program and many more. It provides many ways to shop at the convenience of the customers, by store, online, mobile app, order online and pick up in store, easy reorders, and many more.

5) KMart

• Product Type:  Hypermarkets and grocery stores.
• Industry: Retail.
• Founded: 1899,
• Founder: Sebastian Spering Kresge.
• Headquarters: Hoffman Estates, Illinois, United States.
• Area served: United States.
• Current CEO: Ian Johnson.
• Revenue: $5.7 billion (H1, 2023)

Kmart is an American retail industry that was established during the year 1899 and is headquartered in Michigan, United States. The products of Kmart are positioned at a low price. KMart has many products like apparel, shoes, linen, jewelry, beauty products, toys, food, and small electronics.

Today, Kmart has more than 300 stores across Australia and New Zealand, serving millions of customers every year.

Most of their stores are located in urban areas that have concentrated populations. The company also has an excellent Layaway plan for those people who require paying in installments.

The company has a good customer base. Ever since its formation, KMart has been close to its communities where it operates and they support in many charitable organizations to enhance the lives of those in need. The main key for KMart success is the promotional pricing and weekly mailers thereby making it a top Best Buy competitors.

6) Office Depot

• Product Type:  Hypermarkets and grocery stores.
• Industry: Retail.
• Founded: 1986
• Founders: F. Patrick Sher, Stephen Doughtery, and Jack Kopkin.
• Headquarters: Boca Raton, Florida, United States.
• Current CEO: Mallika Srinivasan.
• Revenue: $1,908 million ( June 30, 2023)
• Number of employees: 25,000 (2022)
• Market cap: $1.86B (August 23, 2023)

Office Depot is an American specialty retail industry that was established during the year 1986 and is headquartered in Florida, United States. As of July 2023, Texas has the most Office Depot stores in the United States with 141 stores, followed by Florida with 103 stores and California with 80 stores.

The main strength of this company is that it offers one roof solution for all office related products. The company has combined annual sales of about $1908 million and employs approximately 25,000 employees with its various businesses in the United States. Office Depot focuses on finding new and exciting ways to help their customers to take care of the business.

ODP Quarterly Net Income is $34 million. ODP Quarterly Gross Profit is $415 million.

The company has an excellent supply chain management and a strong distribution network. It has a good brand image and due to which it is considered a top Best Buy competitor.

7) Sears

• Product Type:  Hypermarkets and grocery stores.
• Industry: Retail.
• Founded: 1886,
• Founders: Richard Warren Sears and Alvah Curtis Roebuck.
• Headquarters: Hoffman Estates, Illinois, United States.
• Current CEO: Edward S. Lampert (Interim).

Yet another competitor for Best Buy, Sears is an American retail industry that was formed during the year 1886 and is headquartered in Illinois, United States.  It is an integrated retailer that focuses on connecting the physical and digital shopping experience to serve the customers at any location.

In 2018, Sears Holdings, the parent company of Sears, filed for Chapter 11 bankruptcy after years of declining sales. This bankruptcy filing marked a turning point for the company.

As a result of the bankruptcy, Sears had to close a significant number of its stores. The department store chain went from almost 700 stores to less than two dozen. Over the years, Sears has continued to sell off stores and close locations. After emerging from bankruptcy, Sears has only a handful of stores left. As of May 2023, there are 11 total Sears stores remaining, with 10 in the mainland US and one location in the US territory of Puerto Rico.

The company has its business operations through its subsidiaries that include Sears, KMart, and Roebuck and Co. across the United States. It has a wide range of products like apparel, home merchandise, automotive products, and services. It is the largest provider of home services by having about 14 million service calls per year.

Sears has received many awards from various respected organizations. It has its own line of flagship brands and due to which it is indeed a top Best Buy competitor.

Best Buy internet Competitors

8) Amazon

• Product Type: E-commerce.
• Industry: Technology.
• Founded: 1994,
• Founder: Jeff Bezos.
• Headquarters: Seattle, Washington, United States.
• Current CEO: Andy Jassy.
• Revenue: $134.383B (June 30, 2023)
• Market cap: $1374.53B (August 18, 2023)
• Number of employees: 1,541,000 (2022)

Among the internet competitors, Amazon is a top Best Buy competitor. Amazon was formed during the year 1994 and is headquartered in Seattle, Washington. The company was earlier set up as an online bookstore and over the years it expanded its business operations online to various other products.

Presently, this company has a solid base of loyal customers who keep purchasing frequently from them. Owing to the success of the online books, Amazon.com was built and gradually has many product categories like electronics, toys, apparels, accessories, footwear, home and kitchen and many more.

Amazon gross profit for the quarter ending June 30, 2023 was $65.010B. Amazon net income for the quarter ending June 30, 2023 was $6.750B.

Over the years it has evolved itself as a strong global e-commerce giant. The company takes care of its customer-related activities through their CRM. Their customer tool captures the customer’s buying behavior and suggests products for them. The company deals with excellent logistics providers and has a strong supply chain.

Due to their efficient distribution network, Amazon’s products are available at many locations.

9) Alibaba

• Product Type:  Hypermarkets and grocery stores.
• Industry: Technology, e-commerce.
• Founded: 1999,
• Founders: Jack Ma, Joseph C. Tsai, Zhang Ying, Jianhang Jin, Eddie Wu.
• Headquarters: Hangzhou, China.
• Current CEO: Daniel Zhang.
• Revenue: $32.292B (June 30, 2023)
• Market cap: $225.99B  (August 22, 2023)
• Number of employees: 235,216 (2023)

Yet another internet Best Buy competitor, Alibaba was established during the year 1999 and headquartered in Zhejiang, China. Alibaba provides wholesale trade through its online platform. It is a well-known brand and acts as an intermediate for operations related to business to consumer, consumer to consumer, and business to business e-commerce.

It is a popular brand in China and presently trying to expand its business to other countries as well. It owns and operates many businesses operations at the international level across multiple sectors.

Alibaba net income for the quarter ending June 30, 2023 was $4.735B. Alibaba gross profit for the quarter ending June 30, 2023 was $12.661B. Alibaba operating income for the quarter ending June 30, 2023 was $6.140B. Alibaba total assets for the quarter ending June 30, 2023 were $245.032B.

Alibaba has its business operations in approximately 200 countries and is considered the world’s largest retailer. It is a one-stop platform that centers on multiple categories of products like clothing, electronics, machinery, home and garden, and many more. Alibaba’s online store is accessible from any location and at any time.

10) eBay

• Product Type:  Hypermarkets and grocery stores.
• Industry: Technology, e-commerce.
• Founded: 1995,
• Founders: Pierre Omidyar and Jeffrey Skoll.
• Headquarters: San Jose, California, United States.
• Current CEO: Jamie Iannone.
• Revenue: $2.540B (June 30, 2023)
• Market cap: $23.03B  (August 22, 2023)
• Number of employees: 11,600 (2022)

eBay is a popular e-commerce company that was formed during the year 1995 and is headquartered in California, United States. eBay is a multibillion-dollar business that has its business operations in about 30 countries.

The company’s eBay.com is an online auction and also a shopping website where the customers buy and sell many products. The website presents a user-friendly interface that focuses on C2C and B2C e-commerce. It also provides a cohesive service like online ticket tracking, online money transfer etc.

EBay net income for the quarter ending June 30, 2023 was $0.171B. EBay gross profit for the quarter ending June 30, 2023 was $1.822B. EBay operating income for the quarter ending June 30, 2023 was $0.518B. EBay total assets for the quarter ending June 30, 2023 were $19.956B.

The company is acknowledged worldwide thereby having a strong customer base. The various products that are sold by the company are electronics, apparel, home appliances, furniture and many more.

11) Home Depot

• Product Type: Home improvement products.
• Industry: Retail.
• Founded: 1978,
• Founders: Bernard Marcus, Arthur Blank, Kenneth Langone, and Pat Farrah.
• Headquarters: Atlanta, Georgia, United States.
• Current CEO: Marvin Ellison.
• Revenue: $42.916B (July 31, 2023)
• Number of employees: 518,100 (2023)
• Market cap: $329.13B (August 18, 2023)

Home Depot, Inc. is a home improvement retailer that operates in the United States, Canada, and Mexico. The company sells a variety of construction materials, home improvement products, and lawn and garden supplies. Home Depot is known for its large warehouse-style stores, which offer a wide selection of products at competitive prices.

The company was founded in 1978 and has since grown to become the largest home improvement retailer in the world. Home Depot’s success is due in part to its focus on customer service and its commitment to providing high-quality products at affordable prices. The company has also invested heavily in technology, including its website and mobile app, to make shopping more convenient for its customers.

The total number of people employed by Home Depot exceeds 518,100. By 2023, it’s Market Cap and net income were $329.13B and $4.659B respectively. Home Depot gross profit for the quarter ending July 31, 2023 was $14.157B.

12) Apple Store

• Product Type: Retail stores.
• Industry: Retail.
• Founded: 2001, by Steve Jobs.
• Founder: Steve Jobs.
• Headquarters: Cupertino, California, United States.
• Current CEO: Tim Cook.

The Apple Store is a chain of retail stores owned and operated by Apple Inc. that sells various Apple products, including Mac personal computers, iPhone smartphones, iPad tablet computers, Apple Watch smartwatches, Apple TV digital media players, software, and both Apple-branded and selected third-party accessories. Apple has expanded the number of retail locations and its geographical coverage over the years, with 526 stores across 26 countries and regions worldwide, opening its latest store in the Battersea district of London, United Kingdom on June 15, 2023. Many Apple Stores are located inside shopping malls, but Apple has built several stand-alone flagship stores in high-profile locations. It has been granted design patents and received architectural awards for its stores’ designs and construction, specifically for its use of glass staircases and other unique features.

App Store ecosystem facilitated $1.1 trillion in developer billings and sales in 2022,App Store developers generated $910 billion in total billings and sales from the sale of physical goods and services, $109 billion from in-app advertising, and $104 billion for digital goods and services. The App Store attracted over 650 million average weekly visitors worldwide in 2022, according to new data from Apple.

13) Sam’s Club

• Product Type:  Hypermarkets, and grocery stores.
• Industry: Retail.
• Founded: 1983, by Sam Walton.
• Founder: Sam Walton.
• Headquarters: Bentonville, Arkansas, United States.
• Current CEO: Kathryn McLay.
• Revenue: $84.3 billion (fiscal year ending January 31, 2023)
• Market cap: 16.5 billion U.S. dollars (2023)

Sam’s Club is a membership warehouse club that offers quality products at an exceptional value unmatched by traditional retail. The business model is limited-item, which means that instead of stocking every item in every available brand, Sam’s Club merchants do their homework for members, stocking the right products and purchasing them in large quantities, passing on the savings to members. The stores are arranged like warehouses, with merchandise stocked in steel bins, and products sold include jewelry, designer goods, sunglasses, crystal, and collectibles, electronics, floral, apparel, food, and more. Sam’s Club was founded by Sam Walton in 1983, and the first Sam’s Club opened in Midwest City, Oklahoma. The company has since expanded and now has locations in the United States, Canada, and international markets.

14) Lowe’s

• Product Type: Hypermarkets, and grocery stores.
• Industry: Retail.
• Founded: 1921, by Carl Buchan.
• Founder: Carl Buchan.
• Headquarters: Mooresville, North Carolina, United States.
• Current CEO: Marvin Ellison.
• Revenue: $22.347B (April 30, 2023)
• Number of employees: 307,000 (2023)
• Market cap: $128.53B (August 18, 2023)

Lowe’s is one of the largest home improvement retailers in the world, with a rich heritage of putting the people they serve at the heart of everything they do. Founded in North Carolina as a small-town hardware store, Lowe’s has grown to over 2,200 stores across North America. The company offers a wide range of home improvement products and services, from hardware and building materials to installation services and expert advice. Lowe’s is committed to delivering the right products, with the best service and value, across every channel and community they serve. Their mission is rooted in five key areas: Pro, Online, Installation Services, Localization, and Assortment.

Lowe’s has a workforce of 307,000 people who drove its sales to $22.34 billion in the year 2023.  In the same year, the company’s Market Cap is $128.53B. As of January 28, 2022, Lowe’s operated 1,971 home improvement and hardware stores.

Lowe’s reported total sales of approximately $88-$90 billion for fiscal year 2023, which is a 52-week year (comparisons to full year 2022, which was a 53-week year). Lowe’s reported net sales of $22,347 million for the first quarter of 2023, which ended on May 5, 2023. Lowe’s annual gross profit for 2023 was $32.257B.

15) Kohl’s Corp

• Product Type:  Hypermarkets, and grocery stores.
• Industry: Retail.
• Founded: 1962, by Maxwell Kohl.
• Founder: Maxwell Kohl.
• Headquarters: Menomonee Falls, Wisconsin, United States.
• Area served: United States.
• Current CEO: Dave Alves.
• Revenue: $18,098 million
• Market cap: $3.17B (August 22, 2023)
• Number of employees: 97,000 (2023)

Kohl’s is an American retail chain that offers a wide range of products, including clothing, footwear, jewelry, beauty products, home goods, and electronics. The company was founded in 1962 and is headquartered in Menomonee Falls, Wisconsin. Kohl’s operates more than 1,100 stores across the United States and has a strong online presence. The company is known for its affordable prices, frequent sales, and Kohl’s Cash rewards program, which allows customers to earn and redeem rewards on future purchases. Kohl’s also offers a variety of services, including gift registries, in-store pickup, and free shipping on orders over a certain amount. Overall, Kohl’s is a popular destination for shoppers looking for a wide selection of products at competitive prices.

Kohl’s Annual Gross Profit in 2023 is $6,641 (Millions of US $). Kohl’s Annual Net Income in 2023 is $-19 (Millions of US $).

16) BJ’s Wholesale Club

• Product Type: Hypermarkets, and grocery stores.
• Industry: Retail.
• Founded: 1984,
• Founder: Mervyn D. Weich.
• Headquarters: Marlborough, Massachusetts, United States.
• Area served: Eastern United States.
• Current CEO: Bob Eddy.
• Revenue: $4.723B (April 30, 2023)
• Market cap: $9.37B (August 22, 2023 )
• Number of employees: 34,000(2023)

BJ’s Wholesale Club is a membership-only warehouse club chain based in Marlborough, Massachusetts, operating in the eastern United States in addition to Ohio, Michigan, and Indiana. The company provides a curated assortment focused on perishable products, continuously refreshed general merchandise, gas, and other ancillary services to deliver a significant value to its members. BJ’s Wholesale Club offers 25% or more savings on a representative basket of manufacturer-branded groceries compared to traditional supermarket competitors. The company has 227 warehouse clubs and 159 BJ’s Gas stations in 17 states. BJ’s Wholesale Club is constantly expanding and planning to open new locations in Tennessee and Alabama. In addition, the company has recently launched Same-Day Select, which offers BJ’s members the ability to pay a one-time fee for either unlimited or 12 same-day grocery deliveries over a one period.

BJ’s Wholesale Club Holdings net income for the quarter ending April 30, 2023 was $0.116B. BJ’s Wholesale Club Holdings gross profit for the quarter ending April 30, 2023 was $0.880B. BJ’s Wholesale Club Holdings operating income for the quarter ending April 30, 2023 was $0.187B.

17) Newegg

• Product Type: Hypermarkets, and grocery stores.
• Industry: E-commerce.
• Founded: 2001,
• Founder: Fred Chang.
• Headquarters: City of Industry, California, United States.
• Area served: Worldwide.
• Current CEO: Anthony Chow.
• Revenue: $1,720 (2022)
• Market cap: $0.41B (August 23, 2023 )
• Number of employees: 1,355 (2022)

Newegg is a leading global online retailer for PC hardware, consumer electronics, gaming peripherals, home appliances, automotive and lifestyle technology. The company was founded in 2001 and is based in the City of Industry, California, near Los Angeles. Newegg also serves businesses’ e-commerce needs with marketing, supply chain, and technical solutions in a single platform. In addition to its retail site, Newegg has introduced several initiatives such as Newegg Logistics, Newegg Now, Newegg online work, and Newegg PC Builder to help streamline order fulfillment, shipment, and returns, and to provide customers with tech commentary and reviews, time-sensitive deals, and online configurators to build custom PCs.

Newegg has cultivated a large and loyal customer base and engages in brand promotion campaigns to further expand and engage with its customers. The company has also built a text-driven AI solution into its website to make shopping for your next PC easier by helping consumers put together a PC based on their description. Newegg is a technology-focused e-commerce company in North America that has a strong presence in the PC hardware and consumer electronics market.

Newegg Commerce Annual Gross Profit in 2022 was $217(Millions of US $). Newegg Commerce Annual Net Income in 2022 was $-57(Millions of US $).

18) Dell

• Product Type:  IT infrastructure company.
• Industry: Information technology.
• Founded: 1984,
• Founder: Michael Dell.
• Headquarters: Round Rock, Texas, United States.
• Current CEO: Michael Dell.
• Revenue: $20.922B (April 30, 2023)
• Market cap: $39.95B (August 18, 2023)
• Number of employees: 133,000(2023)

Dell is an American technology company founded in 1984 by Michael Dell. The company is headquartered in Round Rock, Texas and is one of the world’s leading computer brands and suppliers of PCs1. Dell initially sold its products through advertisements and mail-order catalogs, avoiding the costs associated with traditional retail markets, and was able to offer high-quality PCs at competitive prices. Dell emphasized customer support, sending technicians to service PCs and implementing a policy of risk-free returns. In the early 21st century, Dell expanded its product line to include network servers, data storage solutions, and software.

Today, Dell Technologies is one of the largest tech companies in the world, with over 165,000 employees across the globe. The company is known for how it manages its supply chain and electronic commerce. This includes Dell selling directly to customers and delivering PCs that the customer wants. Dell is a publicly traded company (Nasdaq: DELL), as well as a component of the NASDAQ-100 and S&P 500.

Dell is ranked 31st on the Fortune 500 list in 2022, up from 76th in 2021. It is also the sixth-largest company in Texas by total revenue, according to Fortune magazine.

Dell gross profit for the quarter ending April 30, 2023 was $5.018B. Dell net income for the quarter ending April 30, 2023 was $0.583B.

Dell’s popular products in 2022 include laptops, desktops, workstations, servers, storage solutions, and software. Some of the popular laptop models include Dell XPS 13, Dell Inspiron 15, and Dell G5 15 SE.

Conclusion

Shoppers are always seen at all places and the retail industry tries their best to meet their rising demands. Best Buy has been striving for years to the present day in 2024 to meet the requirements of the buyers by providing quality products.

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