Consumer electronics retailer Best Buy has a new CEO leading it through the crucial holiday season.

But Jason Bonfig, who took over the helm on Sunday, will have more than the holiday shopping season to contend with as Best Buy’s sixth CEO. He will have to fend off competing electronics retailers, adapt the business model to boost alternative revenue sources and determine what role AI should play in the company’s operations and its customers’ lives.

“The retail landscape is shifting faster than at any point in our history. Customer expectations are evolving. We do not see this as a threat to us. We see it as an invitation,” Bonfig said on a May analyst call.

Bonfig started his career at Best Buy in 1999 as an inventory analyst and succeeds Corie Barry.

Bonfig is taking over at a pivotal time, tasked with proving the company’s relevancy in a fast-evolving consumer tech market. The retailer hasn’t been able to recapture its strong growth during the pandemic, despite posting pockets of improvement in recent quarters.

Bonfig offered a preview of his plans in May, characterizing Best Buy as “not just a retailer anymore.”

The strategy reflects broader changes across retail as companies look for revenue beyond traditional product sales to provide a buffer during slower sales periods. Retail media networks, online marketplaces and membership programs have become growing priorities.

Those revenue sources could also help Best Buy compete with retailers such as Home Depot, Costco and Amazon, each of which sells electronics and appliances, including TVs, washing machines and wearable devices such as the Oura Ring and Apple Watch.

Before being named CEO, Bonfig oversaw much of the business he’s looking to expand, including advertising, merchandising, e-commerce, supply chain and marketing. He also played a role in launching additional revenue drivers, including Best Buy Marketplace and Best Buy Ads.

Analysts have described Bonfig as relatively unknown, but industry insiders say he’s long been a leader in the development of the consumer electronics business. In an earlier interview with the Minnesota Star Tribune, Bonfig cited the adoption of backlit keyboards to illustrate how Best Buy has shaped technology to meet customer demands.

Anthony Chukumba, managing director at Loop Capital, said Bonfig benefits somewhat from “being in the right place at the right time.” But Bonfig also has experience in nearly every major business function, giving him wide knowledge of the organization.

Barry, Best Buy’s departing CEO, started the same year as Bonfig in 1999.

Barry rose through the ranks in operations and finance before being named the company’s first female CEO in 2019. She guided the chain through pandemic-era highs and the slower sales periods that followed, marked by high inflation and tariffs.

Best Buy’s U.S. store count declined by about 100 locations, and its workforce shrank by roughly 43,000 employees during Barry’s tenure.

Many analysts have praised her for guiding the company through economic and cultural challenges while keeping its stock price relatively stable.

However, some analysts faulted her for the company’s foray into Best Buy Health, which has seen slower-than-expected growth. Barry will serve as a strategic adviser for six months.

Bonfig’s first challenge will be navigating the holiday season and leading his first earnings call as CEO.

The holiday sales period is often the clearest evidence of whether a retailer is succeeding. In today’s environment, that means winning share from other retailers as customers look for the best deals while also mastering store execution, digital convenience and AI search.

Bonfig has highlighted stores as a crucial part of Best Buy’s strategy. Earlier this year, the company announced that it expected its first net increase in store openings in a decade. It has also carved out space for shops within its stores through partnerships with Ikea and Meta.

Barry said in an April interview with the Star Tribune that Bonfig and his team led many of the store changes, focusing not only on product specifications but also on making departments feel “fun (and) experiential.”

Best Buy is launching a handful of initiatives this holiday season, including its new online gaming hub, Best Buy Gamers. The platform is meant to be a one-stop shop for gaming announcements, promotions and product recommendations. It’s another way for the retailer to stay top of mind between purchases.

New products could provide additional momentum, including iPhone Duo and video games such as “Grand Theft Auto VI.”

Chukumba said Best Buy has improved its appliance business to meet what he called “duress” demand from customers who need to quickly replace broken machines. Those improvements include next-day delivery of big-ticket items such as washers and dryers and sharper pricing during common sales periods.

The appliance business has been slow in recent years, particularly as home sales have declined. Chukumba said Best Buy was caught flat-footed by that shift but is now seeing improvement in the category.

Best Buy reported in August that higher computer prices because of a memory chip shortage drove much of the company’s revenue growth.

The shortage was previously seen as a threat to Best Buy’s business, Chukumba said. But it’s since turned into an advantage because the company can charge higher prices without facing the same inventory shortages that other retailers might experience.

Best Buy expects comparable sales to increase for the year, up from earlier guidance of a possible decline. Best Buy will report third quarter earnings — Bonfig’s first as CEO — on Nov. 24.

“People are expecting a really good quarter,” Chukumba said. “This is the most positive I’ve seen investors on Best Buy since the pandemic, quite frankly.”

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