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Future Shop Closure Illustrates Challenges Facing Canadian Retailers

Darpan News Desk The Canadian Press, 30 Mar, 2015 11:52 AM

TORONTO — The sudden closure of Future Shop electronics stores demonstrates the evolution taking place in the Canadian retail space amid increased competition from online shopping, analysts say.

Bruce Winder, a senior adviser with retail advisory firm J.C. Williams Group, says to survive, brick-and-mortar retailers will need to create engaging shopping experiences to lure customers.

Best Buy, the U.S. company that bought Future Shop in 2001, announced on Saturday that it was closing 66 Future Shop locations and rebranding the remaining 65 as Best Buy stores.

Future Shop is the latest casualty in an increasingly sparse Canadian retail landscape.

Target is in the process of shutting all 133 of its Canadian stores.

Clothing retailers Mexx and Jacob are also vacating outlets, and Sony announced plans in January to close all 14 of its Canadian locations.

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Future Shop Stores Closing, Some Converting To Best Buys, 1,500 Jobs Lost

Best Buy Canada, a subsidiary of Best Buy Co. Inc. that owns and operates both Best Buy and Future Shop stores, said in a statement Saturday that it will be closing 66 Future Shops for good, while 65 others will be converted into Best Buys.