The biggest news to make the rounds this past weekend was the announcement of Future Shop closing its doors across Canada. As the sister-store to America's Best Buy, Futureshop was operating 131 bricks and mortar locations. Best Buy acquired Futureshop in 2001 with the intention of operating two separate brands selling similar products.
Headlines from various news outlets target online shopping as the cause for FutureShop's recent, and seemingly sudden, departure from the retail landscape. Globe and Mail states, "No place for Future Shop as shopping's future shifts," the CBC proclaims, "Future Shop stores lost out to fulfilled online shoppers." Shopping's future is shifting and has been heading down this road for some time now. Online shoppers are satisfied with cheaper prices, increased options, guaranteed availability, and cheap or sometimes free shipping. While online shopping becomes more accessible than ever before it's no surprise chain stores are having to pack it in.
Best Buy has announced that 65 of their former Future Shop locations will be converted to Best Buy stores while 66 locations will be closed completely. Cities with only Future Shop stores can expect re-branding to take place later this week. Blue and yellow Best Buy signage will replace Future Shop's red and white. It has been announced that the transition will be swift across the country.
The electronics sector was once known as the retail industry segment that would always produce inquisitive customers. With many gadgets and updated technology, the electronics stores were usually quite helpful to bewildered consumers. However, the downsizing of retail giants RadioShack and Sony Canada along with Future Shop paints a new picture. Advice was always something you had to get from an "expert" in a retail location, but the internet has changed that. The common way to chose an electronic project these days is to research it online, this allows for product information and unbiased customer reviews. Most websites give you the option to compare products easily for making your informed decision.
When consumers no longer view retail employees as experts the appeal of shopping in stores goes down. With safer online shopping proving more convenient and efficient, electronics retailers closing their doors doesn't seem that far-fetched.
Experts (and Got-it Box employees) have been predicting the rise of online shopping as well as the fall of bricks and mortar retailers. It's only a matter of time before we see a major shift in the percentage of online shopping sales versus bricks and mortar sales. Companies that are adapting to the changes in retail will survive because they are being proactive with their choices; the companies that are not adapting will find themselves left in the past.
With increased online sales comes increased deliveries. When you're expecting more items to your home on a regular basis you'll want to keep them secure. Got-it Box can do just that!