| Best Buy to open European stores next year |
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| Written by Tom Philp | |
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RICHFIELD, Minnesota - Best Buy will open about 100 stores in Europe over the next five years, with the first three store launches scheduled for the United Kingdom next summer. It is the company's first foray into Europe.
Most of the stores are expected to open in the U.K, says Roger Taylor, CEO of Carphone Warehouse, Best Buy's European partner. "The general consumer environment is tough," Taylor says. "(But) I don't think there could be a better time to do it." Taylor says Best Buy Europe will have an online presence in mainland Europe in the next 12 to 24 months. It hopes to have new stores there before March 2013. Best Buy agreed in May to buy 50 per cent of Carphone Warehouse's European and U.S. retailer interests for US$2.1 billion. The joint venture hopes to capture 10 per cent of Europe's CE market. "We believe that Europe is a highly attractive market for consumer electronics retailing," Carphone CEO Charles Dunstone says. "Market growth is forecast to be strong, but the customer experience is often poor and we intend to introduce a differentiated proposition with a strong emphasis on service." |
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