Best Buy Europe
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|
| Type | Subsidiary |
|---|---|
| Industry | Retailing |
| Founded | 2008 |
| Key people | Scott Wheway, CEO Paul Antoniadis, CEO Best Buy UK Kevin Styles, UK Marketing Director |
| Products | Retailing-Electronics |
| Revenue | ▲ $40 billion USD (FY2008) |
| Website | Best Buy |
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.[1] Best Buy branded superstores are set to open in the UK and other European countries, beginning in Thurrock, Essex, from April 30th 2010.[2]
Best Buy was due to open its first UK stores in 2009,[3] but postponed this until 2010, with plans for up to 200 stores eventually.[4] The company has been reported to be considering bidding for DSG International plc (owner of Currys and PC World), though such a move would require competition commission approval.[5]
Contents |
[edit] History
Best Buy 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.[6] 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.[7] 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 phones, by current CEO Charles Dunstone (together with David Ross[8]) 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. [9]
[edit] UK stores
Best Buy has revealed the first UK locations including:
- The Junction retail park near Lakeside Shopping Centre in Thurrock, Essex
- a former MFI unit on Merry Hill Retail Park near Merry Hill Shopping Centre
- Southampton at Prupim's Hedge End Retail Park
20 locations are planned for 2010, which will all be 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.[10][11][12] Construction has started at Hedge End Retail Park near Southampton, opening 2010.[13]
Croydon has been confirmed as the fifth store to open, in autumn 2010. Bristol (Cribbs Causeway) was announced as an agreed site in a press release on 23 April 2010. Best Buy UK will also be opening a store in Derby on the former B&Q site on the Kingsway Retail Park in autumn 2010, as well as a Nottingham store in 2011.
[edit] Turkey Stores
The first Best Buy store in Turkey was opened in 2009 in Izmir. Although this store is geographically proximate to Europe, organisationally it is part of Best Buy Inc's International division, and is not controlled by Best Buy Europe Distributions Ltd.
[edit] References
- ^ "Carphone in £1.1bn US partnership". BBC. 2008-05-08. http://news.bbc.co.uk/1/hi/business/7389291.stm. Retrieved 2008-05-28.
- ^ Paul Antoniadis (29 March 2010). "An update on our first stores plus a new store to open - Paul Antoniadis". Best Buy Europe. http://www.bestbuy.co.uk/page/custom.aspx?PageName=Best%20Buy%20Bulletin&plckController=Blog&plckBlogPage=BlogViewPost&UID=81acf3b8-f321-4ca7-bae3-e7938257d336&plckPostId=Blog%3a81acf3b8-f321-4ca7-bae3-e7938257d336Post%3a9ee42256-35e3-489d-95d8-d02447c98103&plckScript=blogScript&plckElementId=blogDest. Retrieved 5 April 2010.
- ^ "Best Buy postpones UK launch". Retail Week. 2009-03-04. http://www.retail-week.com/best-buy-postpones-uk-launch/2001778.article. Retrieved 2009-08-11.
- ^ "Best Buy bolsters UK team with ex-Kingfisher man Kevin Styles". Retail Week. 2009-08-07. http://www.retail-week.com/careers/appointments/best-buy-bolsters-uk-team-with-ex-kingfisher-man-kevin-styles/5005070.article. Retrieved 2009-08-11.
- ^ Trendall, Sam (13 April 2010). "Best Buy linked to DSGi acquisition". Yahoo! News. http://uk.news.yahoo.com/16/20100413/ttc-best-buy-linked-to-dsgi-acquisition-6315470.html. Retrieved 13 April 2010.
- ^ Boyle, Matthew. "Best Buy's Giant Gamble." CNN. March 29, 2006. Retrieved on November 28, 2006.
- ^ Chris Serres "Adaptation is key for Best Buy" Star Tribune. February 08, 2007. Retrieved on February 16, 2007.
- ^ "David Ross appointed to board of the National Portrait Gallery". 10 Downing Street. 17 February 2006. http://www.pm.gov.uk/output/page9080.asp. Retrieved 2006-11-02.
- ^ Best Buy - About Best Buy - International Growth Best Buy
- ^ Amy-Mae Elliott (2008-07-21). "UK Best Buy store locations revealed". pocket-lint.co.uk. http://www.pocket-lint.co.uk/news/news.phtml/16288/17312/best-buy-uk-locations-revealed.phtml.
- ^ Robert Lea (2008-07-18). "Best Buy aims to shine in UK". thisismoney.co.uk. http://www.thisismoney.co.uk/investing-and-markets/article.html?in_article_id=447620&in_page_id=3&position=moretopstories.
- ^ Ben Furfie (2008-07-21). "First Best Buy stores unveiled". PCRetail. http://www.pcretailmag.com/news/30216/First-Best-Buy-stores-unveiled.
- ^ Caroline W (2009-09-24). "Best Buy Store Opening Hedge End Spring 2010". Hedge End People. http://www.hedgeendpeople.co.uk/news/Best-Buy-Opening-Hedge-End-Spring-2010/article-1366870-detail/article.html?dwrSessionKey=6a19e878464640a2a68039de55b30807&dwrMeth=addComment&authid=5QmPaC5eIRia214jmgaXKtOzNf5kJFwZQOfedr5P68P4M1254616472632.
