Didn't get that sleek, stylish Apple iPhone for Christmas as you wished for this past year?

Well, if you're looking for a cheap version of the very popular handheld device, you might just be in luck: big box electronics retailer Best Buy recently announced that it will be selling a discounted refurbished version of the iPhone in hundreds of its stores.

In an announcement made yesterday, Best Buy Co. Inc. revealed that it would sell resurrected versions of the 3G iPhone for approximately $50 less than their brand-spanking-new counterparts. In other words, the refurbished 8 GB model will retail for $149 and the 16 GB model for $249. (Source: itworld.com)

Much like their more expensive brethren, the refurbished iPhones will require customers sign up for a service contract with AT&T.

Importantly for Best Buy, the company now has a new angle for selling a device recently adopted by the all-powerful Wal-Mart. America's gargantuan department store retailer recently added the iPhone to their Apple stock, promising to match or beat any offers made by competitors like Best Buy or Circuit City.

Vice president of marketing for Best Buy's Mobile division Scott Moore believes the new, refurbished offering is evidence of the retailer's adaptability to consumer demands. "The refreshed iPhone is a great example of the depth of our offering, and clear evidence of why Best Buy is the best place to purchase a mobile phone," he stated. (Source: businessweek.com)

Wall Street quickly took notice of the news, with Best Buy shares climbing to $31.02, an impressive 3.4 per cent jump.

The use of refurbished products is certainly an interesting move for a big box electronics store like Best Buy. Many retailers, such as TigerDirect.com, have carved out market space by offering consumers refurbished products for less than their original price. Given the instability of the economy and consumer spending fears, perhaps this represents a window of opportunity for struggling tech businesses.

Hey, Wall Street seems to think so.