Best Buy's New Black Friday Strategy Is Winning

In recent years, Best Buy has fallen to competitors like Wal-Mart and Amazon.

But under the leadership of new CEO Hubert Joly, the once-embattled retailer has managed to execute an amazing turnaround.

The new-and-improved strategy at Best Buy is apparent during the retailer's Black Friday sale, Brian Sozzi, chief equities strategist at Belus Capital Advisors, wrote in a note to clients.

"I am noticing greater attention to customer service and all departments well-trafficked," Sozzi said, adding that he thought Best Buy looked the best of any retailer he visited on Thanksgiving night. "People were buying things...not showrooming."

Best Buy made a few key changes to get the most out of the biggest retail day of the year, according to a Goldman Sachs note.

First, Best Buy lowered the price of televisions to an average of just 1% more expensive than Amazon's-the lowest price gap in four years, according to the note.

Best Buy also implemented a price-match guarantee, which reduces consumers' anxiety that they will find a deal somewhere else.

And finally, Best Buy offered a great assortment of merchandise and deals that lured consumers in.

Judging from its smarter strategy and lines of shoppers waiting to get in stores on Thanksgiving, Best Buy is poised to do well this holiday season.