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At one time Best Buy was the place we all went to get our technology fix. But on January 31 that came to a crashing halt at 15 locations across Canada.
Has Best Buy Canada seen better times?
On January 31, Best Buy decided to close 15 of their 230 big-box stores across Canada. A victim of showrooming? Perhaps. Showrooming is a phenomenon hitting retailers across the country where shoppers go to the store, check out what they want and then go home and purchase the product through an online retailer. This often rewards the shopper with significant savings versus purchasing the products in the store.
The market is changing for all retailers, not just Best Buy or Future Shop. Consumer confidence with online retailers is gaining momentum, could Best Buy’s experiences be the start of the demise of technology stores like Best Buy? After all, video rental shops that once dotted the landscape are now a distant memory.
The old saying “adapt or die” comes to mind and Canadian retailers now need to pay attention.
The chain is closing 15 of its almost 230 big-box stores and cutting roughly 900 employees, a dramatic step for the retailer as it faces growing pressure from discount rivals and a fast-changing market.
Best Buy shut 50 stores in the US in 2012, citing the same reasons as the Canadian closures.
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