Retail News – Future Shop/Best Buy/HMV U.K

Eight Future Shop and seven Best Buy stores are set to close though-out Canada as the company restructures their retail operations.

According to a January 31st, 2013 press release smaller retail operations will replace these stores :

Best Buy stores in Queensborough, Nanaimo, Victoria, Langford (Westshore Town Centre), and South Surrey, British Columbia; and Lachenaie, and Sherbrooke (SmartCentres Sherbrooke), Quebec.

Future Shop stores in West Kelowna, British Columbia; Montreal (Forum Entertainment Center), Laval (First Pro Ste-Dorothee), Quebec; Regent, Manitoba; Macleod, Calgary; as well as Ancaster, Barrie South and Erin Mills, Ontario.

Best Buy Mobile locations will expand whilst smaller Future Shop “web stores”.

On the other side of the pond, HMV U.K is also restructuring and is not currently taking online orders via their site.

Sixteen stores have been closed in Ireland and half of the 223 U.K stores are expected to close shortly.

HMV Canada Sold To Hilko UK

HMV Canada has been sold to British restructuring company Hilko UK.

HMV Canada is expected to expand their online presence with streaming content according to today’s press release, whilst retaining their CD and DVD stores.

“The management team of HMV Canada has built a plan that will extend the period over which the residual hard-copy music and film market can be maintained. The new product categories it is introducing to the business will help sustain sales levels during the transition of entertainment sales into the digital realm.” – Paul McGowan, Hilco UK Chief Executive

HMV Canada is expected to recieve $25 million from Hilco UK to continue their transition plan and additional details will be made available shortly.