Future Shop was purchased for over C$500 million by Best Buy on November 4, 2001. The company was renamed Best Buy Canada Ltd.—a wholly owned subsidiary of its American parent. They have continued to operate Future Shop as a separate division, with most locations under their original name. Future Shop continues to grow and open new stores across Canada. In November 2007, Future Shop opened its new flagship store in Toronto at Dundas Square.
By 1993, Future Shop became the largest retailer of computers and consumer electronics in Canada and was operating 38 stores across the country and parts of the United States. In August 1993, Future Shop went public on the Toronto Stock Exchange, making $30 million dollars to be used for expansion and to pay off debt.
By the end of 1995, Future Shop's sales had reached more than $1 billion dollar with more than $38 million EBITDA (earnings before interest, taxes, depreciation and amortization)
In 1997, Future Shop announced a change in management, with Ziabakhsh leaving the company. Khosrowshahi took on the roles of president and CEO in addition to serving as chairman. Many people from company headquarters were fired shortly afterward.
At the end of March, Future Shop's Canadian division had produced record setting sales and earnings for the company, however, the company's earnings were down 20 percent from the previous year, due to many losses caused by its failing U.S. operations. Despite plans for more locations in the U.S. over the next several years, the company instantly stopped any new plans for further expansion in the United States until the existing U.S. stores improved their performance in sales.
In 1998, Future Shop purchased the Canadian division of Computer City from CompUSA, which was only three months after the Computer City chain had been merged into CompUSA and either converted to CompUSA or closed and liquidated. During the next year, two of the Computer City retail stores had been liquidated due to poor sales.
By the end of 1998, the U.S. locations of Future Shop were performing badly, with $53 million dollars in losses over the last few years, and Future Shop projected another $30 million in losses would occur by the end of the next year. After major losses in sales, in March 1999, the company announced that it would close U.S. operations, holding liquidation sales and closing down for good in the summer. The closures left Future Shop with 81 stores across Canada. Many of the former stores ended up converting to one of its major U.S. competitors, Best Buy.
In 2000, Future Shop had owned 83 Future Shop stores and five Computer City stores. In June 2000, Future Shop announced plans to open flagship stores in downtown Vancouver, Toronto, and Montreal.
In February 2001, Future Shop announced that the company would close and liquidated the five remaining Computer City stores due to poor sales. At the same time, Future Shop also attempted to acquire Chapters, a chain of book stores in Canada, but failed to come up with a reasonable offer for Chapters.
Future Shop employees are separated into several classes. The commission-compensated sales force consists of "Product Experts", while non-commissioned salespeople (such as those in the Entertainment department) are referred to as "Sales Associates", further to that, customer service representatives dealing with returns, exchanges, and customer inquiries are referred to as "Customer Service Specialists", whereas the representatives dealing with terminal transactions at cashiers and purchase verification are known as "Customer Service Representatives". The operations and warehousing staff are called "Merchandisers", the home-theater and car audio installation team are the "Installers", and the computer troubleshooting team are the "Technicians". In 2007 all "Sales Assoctiaes" were changed back into "Product Expers", due to non commission sales staff being treated unfairly but commissioned staff. In 2008, all home theater installers, car installers, and computer technicians, were rebranded as "ConnectPro Experts" in order to have a more marketable name for computer/home theater/car services.
In March 2001, American-based Best Buy acquired Future Shop for more than $500 million Canadian. Despite possible conversions to the Best Buy nameplate, Future Shop was to be run as a separate division under the name of Best Buy Canada. The acquisition caused Khosrowshahi to step down as president. The other executives from Future Shop retained their positions within the company.
Best Buy Canada have continued to operate Future Shop as a separate division, with most locations under their original name. Future Shops are still being added, mostly recently at urban locations in Toronto, Ontario, Canada at Empress Walk and Dundas Square; the latter location is one block east on Dundas at Yonge Street from an existing Best Buy at the Toronto Eaton Centre. The company has also begun renovating some of its stores to focus more on product specialty areas, to separate video games into their own department, and to create a central "hub" featuring employees specializing in connecting different devices together. The first such renovated Future Shop store opened in August 2008 at Park Royal Shopping Centre in West Vancouver, BC.
Because of the success of dual branding Best Buy and Future Shop in Canada, Best Buy Canada has been looking in to expanding the Future Shop brand back into the United States.
Future Shop Increases Home Office Product Selection with Addition of Dell Computers and Monitors ; Dell Computers and Monitors Now Available In-Store and Online at futureshop.ca - Get the latest technology with lowest price guarantee at Future Shop
Apr 10, 2008; BURNABY, BRITISH COLUMBIAMarketwire - April 10, 2008) - As of tomorrow, Future Shop customers will be able to purchase Dell...
Future shop: deep in digital: Canadian consumer electronics chain finds big success with digital cameras and services. (Profile).
Aug 01, 2003; Future Shop Ltd., Burnaby, British Columbia, Canada (www.futureshop.ca), began in 1982 as a family operated single store that...