In November 2001, Future Shop was acquired by the similar American chain Best Buy for C$580 million.
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13 Facts About Future Shop
1.
2.
Future Shop was founded in 1982 by Iranian entrepreneur Hassan Khosrowshahi, who left Iran to settle in Vancouver, British Columbia to start a retail business.
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3.
In 1983, Future Shop opened the first three stores, all of which were in British Columbia.
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4.
Future Shop sold computers, software, games, videocassettes, audio equipment, music, and other items.
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5.
In 1997, Future Shop announced a change in management, with Ziabakhsh leaving the company.
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6.
In 1998 the US arm of Future Shop was suffering, with $53 million in losses over two years, and another $30 million in losses projected for 1999, due to poor performance in 19 of the 22 US locations.
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7.
In 1998, Future Shop purchased the Canadian division of Computer City from CompUSA, three months after the Computer City chain had been merged into CompUSA and either converted to CompUSA or closed and liquidated.
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9.
In February 2001, Future Shop announced that the company would close and liquidate the five remaining Computer City stores because of poor sales.
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10.
Dual-banner strategy sought to improve the company's Canadian market share by providing new options to consumers; the chains were differentiated primarily by their in-store experiences and promotional strategies, as Future Shop continued to use commission-based salespersons and featured home appliance selections, while Best Buy used non-commissioned salespersons and featured more interactive displays.
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11.
Some new Best Buy locations would cannibalize sales at Future Shop stores located in close proximity to them, but typically the new Best Buy would generate considerable new revenue that would more than make up for the drop in the sales of the existing Future Shop, the net result being that the two stores increased their parent's overall market share in that area while keeping rivals out.
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12.
In December 2011, Future Shop opened a liquidation store in Greenfield Park, Quebec.
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