Mon, Nov 07, 2011 | 09:26 GMT
Confirmed- Best Buy UK to close
The UK arm of consumer electronics specialist chain Best Buy is on its way out, its been confirmed.
The company announced this morning (via Reuters) that it was to close all 11 of its currently existing stores in the UK.
It comes as an article in yesterday’s Sunday Times, as reported by MCV, first predicted the closure.
“We always said we would open 11 stores and then conduct a strategy review. We are now conducting our evaluation with our partners and will provide an update in due course,” a spokesperson commented.
Pocket Lint reports the chain has so far generated a loss of £83 million since its UK debut in April 2010, and Tuesday’s upcoming financial report is expected to reveal a further £35 million loss.
[Original story by Brenna Hillier, contributions by Johnny Cullen]
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Posted in: Retail, UK
Tags: Best Buy UK
9 comments
#1
Yoshi
06/11/11, 11:36 pm
Since when did Best Buy come to the UK XD Maybe that’s why they’re failing
#2
barchetta
06/11/11, 11:44 pm
We had one open in Derby but, for the items I was interested in, the prices seemed eye-wateringly high and I opted to buy from the web. If the pricing structure remains as I found it then I’m not surprised about with those figures.
#3
chipvideo
07/11/11, 12:03 am
To be honest I expect Best Buy here in the states to be bankrupt within the decade or a major re-organiztion. Their prices are too high and the internet is going to put some big pressure on them. They can’t compete with amazon and walmart IMO.
#4
hitnrun
07/11/11, 1:15 am
Best Buy is my preferred games retailer (US) because they actually sell games for the most part, as opposed to bullshit.
I think they’re weathering the e-commerce storm because there’s a certain price point for goods over which people feel more secure buying items from a physical place to which they can drive back and yell at someone if the item is broken, rather than enter the hell of telephone CS.
Obviously that isn’t exactly a revolutionary model, and there undoubtedly fine stores in the UK that already have a market presence selling electronics, which is probably why Best Buy is failing there. “Least bad electronics store” isn’t exactly a business concept that one would expect to take the British Isles by storm.
#5
drewbles82
07/11/11, 1:20 am
Think Best Buy should be more like the Buy more on Chuck
#6
daytripper
07/11/11, 2:26 am
my cousin only started working there last month, gutted for her if true
#7
Johnny Cullen
07/11/11, 9:27 am
Confirmed now.
#8
aseddon130
07/11/11, 10:56 am
my old Boss left Staples (another dying US company) to work for these men, it looked like a good business but they only got 11 stores and for me personally it’s too far away to want to visit (whereas he lives in Liverpool which is the closest one) – bit gutted for him tbh but whatever, we have too many electrical shops as it is and they are dying a death most of the time.
I work for Tesco now which is gonna be around no matter what, so im good.
#9
GrimRita
07/11/11, 10:59 am
Indeed. The way people shop is changing. I hardly ever set foot in a shop because I simply hate the experience. Crowded, queues, bad service etc etc when shopping online (including my food shop) is all done with 1 simple click.
However, if we do have bad weather again, like last year it can create problems when companies like Tesco dont plan for it and companies like Waitrose do.
It makes a huge difference to sales and I hope Tesco have learnt.