Best Buy (BBY) - Get Report is upping the ante in the battle against Amazon.com (AMZN) - Get Report by offering a try-before-you-buy rental option for cameras, drones, audio equipment and fitness trackers, Recode reported.

The big-box tech and electronics retailer will direct online customers to San Francisco startup Lumoid's tech rental site. There, customers can pay fees to rent equipment. The fee they pay earns Lumoid points that can later be redeemed and used toward purchasing the item from Best Buy outright.

The new program is designed to extract more value from "open box" items, or items customers returned to Best Buy that can't be sold at full price. Those are the items that will be sent to Lumoid for rental.

Best Buy has fared relatively well in the competition against Amazon.com with its stock price up 67% in two years. Best Buy stock traded down 1.7% to $57.12 at Monday's close.

What's Hot on TheStreet

Apple and all of tech remains in focus: European tech shares such as SAP SE (SAP) - Get Report , Infineon Technologies AG (IFNNY) and ASML NV (ASML) - Get Reportfell sharply on Monday after last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple (AAPL) - Get Report on Sunday on fears the stock may be too richly valued.

Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT) - Get Report grocery market share, as the German discount retailer says it will invest $3.4 billion to expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores.

GE's CEO is stepping aside: Industrial conglomerate General Electric (GE) - Get Report said Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.

TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets.

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