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Best Buy's UK plans in danger

Ben Parfitt
Best Buy's UK plans in danger

It was once billed as a US revolution on the UK High Street, but now big question marks hang over the future of Best Buy in the UK.

The European joint venture with Carphone Warehouse posted a loss of £62m this week – that's triple the loss seen in 2010 and £12m worse than estimates.

Best Buy arrived in the UK with plans for 90 UK outlets, but having launched ten stores and with another one about to open in Enfield, North London, the retailer is said to have put a freeze on any further expansion.

Though it hasn't officially confirmed the rumours it has also declined the chance to dispel them, simply saying that no “we don’t have any imminent announcement about our business in the UK".

The creation of alternative smaller outlets might emerge as a possible alternative strategy.

"We are in the process of evaluating the next steps in our multi-format/multi-channel consumer electronics strategy," the company said in a statement.

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Tags: uk , best buy , expansion , closures , stores

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