Best Buy UK
Encyclopedia
Best Buy Europe is a retail joint venture owned by the United States
-based electronics retailer Best Buy
Inc and UK
-based mobile phone retailer Carphone Warehouse. The company was formed by Best Buy's purchase of 50% of The Carphone Warehouse
's retail division. Best Buy branded superstores opened in the UK beginning in April 30, 2010 with a store in Thurrock
, Essex
, .
Best Buy was due to open its first UK stores in 2009, but postponed this until 2010, with plans for up to 200 stores eventually. Carphone originally intended to open up to 200 Big Box stores in Europe by 2013, but this goal was reduced to 100.
On the 6 November 2011, Carphone Warehouse announced its intention to close the 11 Best Buy "big box" format stores by the end of December 2011. The Best Buy
Europe joint venture is still expected to continue, with Best Buy Co., Inc. still retaining an option to purchase the remaining 50% (from 2015) of the Best Buy Europe joint venture that it does not already own.
Co., Inc. is a Fortune 100
company and the largest specialty retailer
of consumer electronics
in the United States
and Canada
, accounting for 21% of the market. The company's subsidiaries include Geek Squad
, Magnolia Audio Video, Pacific Sales, and, in Canada the Best Buy Canada subsidiary operates most stores under the Future Shop
label. Together these operate more than 1,150 stores in the United States
, Puerto Rico
, Canada
, China
, Mexico
and Turkey
. The company's corporate headquarters are located in Richfield, Minnesota
, USA (near Minneapolis
). On June 26, 2007, Best Buy announced a 40% increase in its operations, with plans to operate more than 1,800 stores worldwide, including 1,400 Best Buy stores in the U.S.
The Carphone Warehouse
was co-founded in 1989, when most portable phones were too bulky to carry and called car phone
s, by current CEO Charles Dunstone
(together with David Ross) from £6,000 savings.
The two companies first began working together in 2006, creating Best Buy Mobile stores in the United States
and introducing Geek Squad
in the United Kingdom
.
in Thurrock
, Essex
on 30 April 2010.
20 locations were originally planned for in the coming year, all to be in the big box format. The company is looking for a flagship store in Central London
in a prominent area such as Piccadilly Circus
, Oxford Street
, or Regent Street
.
For fiscal year 2011, Best Buy UK saw full-year losses nearly triple to £62.2m, equivalent to just over £10m for each of its stores trading during the period. Growth has been slower than some expected. The company blamed the grim results on "impressive" investments in its new stores but it is "evaluating" the next step in its strategy.
The company has been reported to be considering bidding for Comet Group.
The company are due to close all UK stores by the end of 2011, due to poor financial results.
was opened in 2009 in Izmir
. Although this store was geographically proximate to Europe, organisationally it was part of Best Buy Inc's International division, and not controlled by Best Buy Europe Distributions Ltd.
In early 2011, Best Buy announced the closure of its Turkish operations.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
-based electronics retailer Best Buy
Best Buy
Best Buy Co., Inc. is an American specialty retailer of consumer electronics in the United States, accounting for 19% of the market. It also operates in Mexico, Canada & China. The company's subsidiaries include Geek Squad, CinemaNow, Magnolia Audio Video, Pacific Sales, and, in Canada operates...
Inc and UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
-based mobile phone retailer Carphone Warehouse. The company was formed by Best Buy's purchase of 50% of The Carphone Warehouse
The Carphone Warehouse
Carphone Warehouse Group PLC , known as The Carphone Warehouse, is Europe's largest independent mobile phone retailer, with over 1,700 stores across Europe. It is based in the United Kingdom and is a 50% subsidiary of Best Buy...
's retail division. Best Buy branded superstores opened in the UK beginning in April 30, 2010 with a store in Thurrock
Thurrock
Thurrock is a unitary authority with borough status in the English ceremonial county of Essex. It is part of the London commuter belt and an area of regeneration within the Thames Gateway redevelopment zone. The local authority is Thurrock Council....
, Essex
Essex
Essex is a ceremonial and non-metropolitan county in the East region of England, and one of the home counties. It is located to the northeast of Greater London. It borders with Cambridgeshire and Suffolk to the north, Hertfordshire to the west, Kent to the South and London to the south west...
, .
Best Buy was due to open its first UK stores in 2009, but postponed this until 2010, with plans for up to 200 stores eventually. Carphone originally intended to open up to 200 Big Box stores in Europe by 2013, but this goal was reduced to 100.
On the 6 November 2011, Carphone Warehouse announced its intention to close the 11 Best Buy "big box" format stores by the end of December 2011. The Best Buy
Best Buy
Best Buy Co., Inc. is an American specialty retailer of consumer electronics in the United States, accounting for 19% of the market. It also operates in Mexico, Canada & China. The company's subsidiaries include Geek Squad, CinemaNow, Magnolia Audio Video, Pacific Sales, and, in Canada operates...
Europe joint venture is still expected to continue, with Best Buy Co., Inc. still retaining an option to purchase the remaining 50% (from 2015) of the Best Buy Europe joint venture that it does not already own.
History
Best BuyBest Buy
Best Buy Co., Inc. is an American specialty retailer of consumer electronics in the United States, accounting for 19% of the market. It also operates in Mexico, Canada & China. The company's subsidiaries include Geek Squad, CinemaNow, Magnolia Audio Video, Pacific Sales, and, in Canada operates...
Co., Inc. is a Fortune 100
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
company and the largest specialty retailer
Retailing
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
of consumer electronics
Consumer electronics
Consumer electronics are electronic equipment intended for everyday use, most often in entertainment, communications and office productivity. Radio broadcasting in the early 20th century brought the first major consumer product, the broadcast receiver...
in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, accounting for 21% of the market. The company's subsidiaries include Geek Squad
Geek Squad
The Geek Squad is a subsidiary of the Best Buy Company and is based in Richfield, Minnesota. It was originally founded on June 16, 1994 by Robert Stephens. The company offers various computer-related services and accessories for residential and commercial clients...
, Magnolia Audio Video, Pacific Sales, and, in Canada the Best Buy Canada subsidiary operates most stores under the Future Shop
Future Shop
Future Shop is Canada's largest consumer electronics retailer. Future Shop currently operates a total of 146 stores across all of Canada's provinces as of December 2008....
label. Together these operate more than 1,150 stores in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
and Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
. The company's corporate headquarters are located in Richfield, Minnesota
Richfield, Minnesota
As of the census of 2000, there were 34,439 people, 15,073 households, and 8,727 families residing in the city. The population density was 4,993.9 people per square mile . There were 15,357 housing units at an average density of 2,226.9 per square mile...
, USA (near Minneapolis
Minneapolis, Minnesota
Minneapolis , nicknamed "City of Lakes" and the "Mill City," is the county seat of Hennepin County, the largest city in the U.S. state of Minnesota, and the 48th largest in the United States...
). On June 26, 2007, Best Buy announced a 40% increase in its operations, with plans to operate more than 1,800 stores worldwide, including 1,400 Best Buy stores in the U.S.
The Carphone Warehouse
The Carphone Warehouse
Carphone Warehouse Group PLC , known as The Carphone Warehouse, is Europe's largest independent mobile phone retailer, with over 1,700 stores across Europe. It is based in the United Kingdom and is a 50% subsidiary of Best Buy...
was co-founded in 1989, when most portable phones were too bulky to carry and called car phone
Car phone
A car phone is a mobile phone device specifically designed for and fitted into an automobile.In the late 1970s and 1980s, the car phone was more popular than the regular mobile phone...
s, by current CEO Charles Dunstone
Charles Dunstone
Charles Dunstone is the CEO and co-founder, in 1989, of mobile phone retailer The Carphone Warehouse.-Education:...
(together with David Ross) from £6,000 savings.
The two companies first began working together in 2006, creating Best Buy Mobile stores in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and introducing Geek Squad
Geek Squad
The Geek Squad is a subsidiary of the Best Buy Company and is based in Richfield, Minnesota. It was originally founded on June 16, 1994 by Robert Stephens. The company offers various computer-related services and accessories for residential and commercial clients...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
UK stores
The first Best Buy store in the UK opened at Junction Retail Park near Lakeside Shopping CentreLakeside Shopping Centre
The Lakeside Shopping Centre is a large out-of-town shopping centre located in West Thurrock, in the borough of Thurrock, Essex just beyond the eastern boundary of Greater London...
in Thurrock
Thurrock
Thurrock is a unitary authority with borough status in the English ceremonial county of Essex. It is part of the London commuter belt and an area of regeneration within the Thames Gateway redevelopment zone. The local authority is Thurrock Council....
, Essex
Essex
Essex is a ceremonial and non-metropolitan county in the East region of England, and one of the home counties. It is located to the northeast of Greater London. It borders with Cambridgeshire and Suffolk to the north, Hertfordshire to the west, Kent to the South and London to the south west...
on 30 April 2010.
20 locations were originally planned for in the coming year, all to be in the big box format. The company is looking for a flagship store in Central London
Central London
Central London is the innermost part of London, England. There is no official or commonly accepted definition of its area, but its characteristics are understood to include a high density built environment, high land values, an elevated daytime population and a concentration of regionally,...
in a prominent area such as Piccadilly Circus
Piccadilly Circus
Piccadilly Circus is a road junction and public space of London's West End in the City of Westminster, built in 1819 to connect Regent Street with the major shopping street of Piccadilly...
, Oxford Street
Oxford Street
Oxford Street is a major thoroughfare in the City of Westminster in the West End of London, United Kingdom. It is Europe's busiest shopping street, as well as its most dense, and currently has approximately 300 shops. The street was formerly part of the London-Oxford road which began at Newgate,...
, or Regent Street
Regent Street
Regent Street is one of the major shopping streets in London's West End, well known to tourists and Londoners alike, and famous for its Christmas illuminations...
.
For fiscal year 2011, Best Buy UK saw full-year losses nearly triple to £62.2m, equivalent to just over £10m for each of its stores trading during the period. Growth has been slower than some expected. The company blamed the grim results on "impressive" investments in its new stores but it is "evaluating" the next step in its strategy.
The company has been reported to be considering bidding for Comet Group.
The company are due to close all UK stores by the end of 2011, due to poor financial results.
Opened and Announced stores
- Lakeside Shopping CentreLakeside Shopping CentreThe Lakeside Shopping Centre is a large out-of-town shopping centre located in West Thurrock, in the borough of Thurrock, Essex just beyond the eastern boundary of Greater London...
, ThurrockThurrockThurrock is a unitary authority with borough status in the English ceremonial county of Essex. It is part of the London commuter belt and an area of regeneration within the Thames Gateway redevelopment zone. The local authority is Thurrock Council.... - SouthamptonSouthamptonSouthampton is the largest city in the county of Hampshire on the south coast of England, and is situated south-west of London and north-west of Portsmouth. Southampton is a major port and the closest city to the New Forest...
, Hedge End Retail Park - Westfield Merry Hill, DudleyDudleyDudley is a large town in the West Midlands county of England. At the 2001 census , the Dudley Urban Sub Area had a population of 194,919, making it the 26th largest settlement in England, the second largest town in the United Kingdom behind Reading, and the largest settlement in the UK without...
- AintreeAintreeAintree is a village and civil parish in the Metropolitan Borough of Sefton, Merseyside. It lies between Walton and Maghull on the A59 road, about north of Liverpool city centre, in North West England....
, Racecourse Retail Park - CroydonCroydonCroydon is a town in South London, England, located within the London Borough of Croydon to which it gives its name. It is situated south of Charing Cross...
, Trafalgar Way Retail Park - DerbyDerbyDerby , is a city and unitary authority in the East Midlands region of England. It lies upon the banks of the River Derwent and is located in the south of the ceremonial county of Derbyshire. In the 2001 census, the population of the city was 233,700, whilst that of the Derby Urban Area was 229,407...
, Kingsway Retail Park - HayesHayesHayes may refer to:* Hayes , including a list of people with the name* A.F.C. Hayes, an English football club based in Hayes, Hillingdon* Hayes Brake, an American company dedicated to the design and manufacture of non-automotive disc-brakes...
, Lombardy Retail Park - Cribbs CausewayCribbs CausewayCribbs Causeway is a road in South Gloucestershire, England, just north of Bristol, which has given its name to a large out-of-town shopping centre, including retail parks and an enclosed shopping centre known as The Mall...
, BristolBristolBristol is a city, unitary authority area and ceremonial county in South West England, with an estimated population of 433,100 for the unitary authority in 2009, and a surrounding Larger Urban Zone with an estimated 1,070,000 residents in 2007... - RotherhamRotherhamRotherham is a town in South Yorkshire, England. It lies on the River Don, at its confluence with the River Rother, between Sheffield and Doncaster. Rotherham, at from Sheffield City Centre, is surrounded by several smaller settlements, which together form the wider Metropolitan Borough of...
, Retail World Shopping Park - EnfieldEnfield TownEnfield Town is the historic town centre of Enfield, formerly in the county of Middlesex and now in the London Borough of Enfield. It is north north-east of Charing Cross...
, Enfield Retail Park - NottinghamNottinghamNottingham is a city and unitary authority in the East Midlands of England. It is located in the ceremonial county of Nottinghamshire and represents one of eight members of the English Core Cities Group...
, Castle Marina Retail Park
Turkey Stores
The first Best Buy store in TurkeyTurkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
was opened in 2009 in Izmir
Izmir
Izmir is a large metropolis in the western extremity of Anatolia. The metropolitan area in the entire Izmir Province had a population of 3.35 million as of 2010, making the city third most populous in Turkey...
. Although this store was geographically proximate to Europe, organisationally it was part of Best Buy Inc's International division, and not controlled by Best Buy Europe Distributions Ltd.
In early 2011, Best Buy announced the closure of its Turkish operations.