Best Buy coming to a Macy's near you?
Macy's (M) will soon open Best Buy (BBY) shops within some of its department stores as a way to test selling consumer electronics.
The companies announced the arrangement Tuesday, which will begin in 10 Macy's stores across the country in November.
The 300-square-foot space will be staffed by Best Buy employees and feature Samsung smartphones, tablets and smart watches, as well as audio devices and accessories from Samsung and other brands.
Macy's Inc. President Jeff Gennette said that the companies will test the stores through the holidays and into 2016 before deciding on the next steps.
"We are delighted that consumer electronics will be returning to selected Macy's stores ... Our customers have expressed interest in electronics for self-purchase and gift-giving," Gennette said.
Macy's shares rose 56 cents to $58.97 in midday trading following the announcement, in line with broader market activity. Best Buy Co. shares rose 94 cents, or 2.6 percent, to $37.56.