The move that was destined to happen at some point has finally happened. Future Shop will be closing all its Canadian stores, some of which will be rebranded as Best Buy.
Its parent company, Best Buy Canada Ltd., announced today that they will be shutting down 66 Future Shop stores immediately and 65 stores will be closed for one week and reopen being rebranded as Best Buy locations.
The company had been reviewing its real estate footprint across the country since many locations see both Future Shop and Best Buy stores right next to each other. The restructuring means the company will now have 192 stores across Canada, including 136 traditional large-format and 56 Best Buy Mobile stores.
“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, in a statement. “We will continue to have a strong store presence in all major markets in Canada.”
Five hundred full time jobs and 1,000 part time jobs will be lost in the restructuring.
In order to provide a seamless experience, all Future Shop gift cards will be accepted at any Best Buy Canada location. Existing product orders, service appointments and warranties continue to be honoured and purchases can be returned or exchanged at any Best Buy store too.
Moving forward, the company will be making significant investments into Best Buy stores and BestBuy.ca in order to build a better customer experience across their platforms, which will include:
Future Shop’s downtown Vancouver store at the corner of Robson and Granville will be rebranded at Best Buy.
Future Shop was purchased by Best Buy in 2001 for $580 million.