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Best Buy Buys Cellphone Company For Baby Boomers

Best Buy has purchased GreatCall, a cellphone company geared to older adults, for $800 million.
In the first purchase by the chain under its new CEO Hubert Joly, who took over in 2012, Best Buy is targeting older users rather than Millenials.  GreatCall has 900,000 subscribers for its easy to use phones that can connect to call centers if the user has a medical or other emergency.
By 2030, about a fifth of the country’s adults will be 65 or older and technology is expected to play a role in helping these individuals remain in their homes, said Best Buy.

Joly said in a statement, “Now, we have a great opportunity to serve the needs of these customers by combining GreatCall’s expertise with Best Buy’s unique merchandising, marketing, sales and services capabilities.”

Best Buy said it is specifically focused on addressing the growing needs of the aging population with the help of technology products, services and solutions. “The health space is a large, growing market where technology can help in particular address the needs of aging consumers, their caregivers, payers and providers. Today, there are approximately 50 million Americans over age 65, a number that is expected to increase by more than 50 percent within the next 20 years.” said a Best Buy statement.

GreatCall will maintain its San Diego headquarters, as well as its Care Centers in Carlsbad, California, and Reno, Nevada. David Inns, who has been with GreatCall since its formation in 2006, will remain as CEO.

Source: Best Buy via the Star Tribune

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