Already an established and a leading provider of consumer electronics products, services and solutions, in the U.S., Best Buy is seeking to consolidate and strengthen its position in the Canadian market.
Best Buy which owns and operates Future Shop stores, a chain it acquired some time ago and operates along side its own brand name store in Canada has announced consolidation of its position by shutting down the well-known Future Shop stores.
According to press report, Best Buy will close 66 Future Shop locations and will convert an additional 65 Future Shop stores to operating under the Best Buy brand.
“Currently, 80 per cent of our customers are within a 15 minute drive to a store and this won’t change,” said Ron Wilson, President and COO of Best Buy Canada. “We will continue to have a strong store presence in all major markets in Canada.”
The consolidation will result in the elimination of approximately 500 full-time and 1,000 part-time positions. The affected employees will receive severance, employee assistance, and outplacement support.
“Any decisions that impact our people are never taken lightly; our first priority is to support them through this change,” Wilson said. “I want to express my appreciation to the employees who are leaving, for their contributions to Best Buy Canada.”
According to the company’s website, investment of up to $200 million dollars will be made in Best Buy stores and BestBuy.ca, to build a leading multi-channel customer experience.
The company plans to implement a multi-faceted strategy that will include the following:
- Launching major home appliances in all stores.
- Working with vendor partners to bring products to life in a more compelling way.
- Increasing staffing levels to better serve our customers.
- Investing in the online shopping experience, for example by expanding in-store pick-up areas for online customers and launching a ship-from-store program, making in-store inventory available to online customers across the country.
Davy Desmond Readers Bureau Fellow
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