NEW YORK (TheStreet) -- Best Buy (BBY) is the largest independent retailer of smartphone products. The Apple (AAPL) iPhone 5 pre-order period has already set a record. Renowned economists are estimating iPhone 5 sales will be a major boost to U.S. GDP. So why won't the iPhone 5 spending surge be a lasting stimulus for the struggling electronics retailer?
Record iPhone 5 sales may provide a small, short-tern earnings boost for Best Buy as the company's new chief executive Hubert Joly tries to resize the business and fend off a buyout effort by co-founder and former CEO Richard Schulze.
However, even if the iPhone 5 generates the type of consumer demand that would normally play to the favor of an electronics retailer and which Nobel Laureate Paul Krugman estimates could add up to 0.5% to overall U.S. GDP (JPMorgan Chase puts it between 0.25% and 0.5%), Best Buy shareholders shouldn't expect a material impact on the company's turnaround or takeover prospects.
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