Swot Analysis Future Shop
Introduction
Future Shop (http://www.futureshop.ca/en-CA/home.aspx)
From Wikipedia, the free encyclopedia
Future Shop is Canada's largest consumer electronics retailer. Future Shop operated 139 stores across all of Canada's provinces in January 2013.
Future Shop was purchased for C$580 million by Best Buy on November 4, 2001. The company was renamed Best Buy Canada Ltd.—a wholly owned subsidiary of its American parent. It has 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 December 2008, Future Shop opened its new flagship store in Edmonton at South Edmonton Common, which is the largest in Canada.
The key …show more content…
leaders and the information:
|The logo |
|Type |Division of Best Buy |
|Industry |Retail |
|Founded |1982 |
|Headquarters |Burnaby, British Columbia,Canada |
|Key people |Michael Pratt - President (Best Buy Canada), |
| |Charles Tobin - Senior Vice President (Future |
| |Shop) |
|Products |Electronics |
|Revenue |$5.0 billion CAD (2008) |
|Employees |13,100 |
|Parent |Best Buy |
Give a brief history of the company:
History
Beginnings
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.[2] Khosrowshahi graduated from the University of Tehran with a degree in law and economics and was a part of the family that owned the Minoo Industrial Group, a large Iran manufacturer of pharmaceuticals, cosmetics, and food products. Khosrowshahi planned to open a chain of consumer and home electronics stores and take over the Canadian retail market. His associate, Ardeshir Ziabakhsh (Ardy Zia), took the role of president and CEO of the newly formed company and Khosrowshahi served as chairman and founder. In 1983, Future Shop opened the first three stores, all of which were in British Columbia. The company sold computers, software, games, videocassettes, audio equipment, music, and other items. By December 1983, the first month all of the Future Shop stores were opened and making business, the company reached $2.8 million in sales.[2]
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.[2] In August 1993, Future Shop went public on the Toronto Stock Exchange, making $30 million 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, 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 let go during this transitional period.
In December 2011, Future Shop opened its first liquidation centre in Quebec, in Greenfield Park.[3]
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, because of 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. (http://en.wikipedia.org/wiki/Future_Shop)
Identify the mission, the vision, philosophy and the objectives of the company & Made a comparison between the time when they started their activities with which they are rendered today
In almost 30 years, Future Shop has grown from a “one store operation” located in Vancouver, British Columbia, to Canada’s largest retailer and e-tailer of consumer electronics with 140 stores from coast to coast, and an average of over 125,000 unique visitors to the website every day. (see store locations).
Established in 1982, Future Shop’s first store was located in Vancouver, British Columbia and showcased 4,000 square feet of the latest consumer …show more content…
electronics.
During the late 1980s, Future Shop followed an aggressive growth strategy, quickly expanding operations into the provinces of Alberta Manitoba and Ontario. By 1990, Future Shop had become Canada’s largest electronics retailer. Throughout the 90's Future Shop continued to expand into the remaining provinces in Canada and by fiscal 2001 annual sales had surpassed $2 billion.
Present Day
Today, Future Shop and it's 10,000+ employees are dedicated to providing customers with expert advice both in-store and online.
Those two worlds collided in spectacular fashion at the end of 2012 when British Columbia and Ontario were the first provinces to play host to a new kind of retail experience in Canada. The new Futureshop.ca stores that opened in North Vancouver, BC and Brockville, ON feature the hottest products in-store, and also provide customized web kiosks for access to the full online assortment. Designed to allow customers a way to check out products in-store and online simultaneously with experts on hand, Futureshop.ca stores are designed to evolve with the changing needs of Canadian consumers.
Future Shop offers the latest in home and entertainment products including a wide selection of brand name televisions, computers, tablets, smartphones, cameras, audio devices, video games, movies, and appliances. And it’s all backed by our Price Beat Promise that even includes beating online competitor’s prices.
In addition to technology, Future Shop has added a new ‘Discover More’ section, featuring thousands of products never before seen at www.FutureShop.ca. Items like kids’ toys, tools for the home and garden, luggage, health and beauty products, travel items, furniture, and much
more.
In December 2011, Future Shop unveiled the Future Shop Liquidation Centre —a new concept designed to help customers save even more. It’s the first electronics Clearance Centre in Quebec that receives new clearance and open box products every week and sells them at or below cost - every day.
Future Shop offers nationwide ConnectPro installation services to help customers get their technology working together. ConnectPro Experts are available in all stores across Canada and can also come to customers’ homes. They are trained to help customers get the most from their home theatre, computer or car audio products.
Future Shop hosts an online community forum for technology beginners and tech-savvy experts to exchange ideas, reviews, tips and other consumer electronics information.
As a proud corporate citizen, Future Shop is committed to employee volunteerism and supporting non-profit organizations dedicated to transforming local youth into Future Leaders .
The Company is helping keep used electronics out of the landfills with an in-store recycling program for seven types of products.
Future Shop stores operate as a division of Burnaby-based Best Buy Canada Ltd., a wholly-owned subsidiary of Best Buy Co., Inc. (http://www.futureshop.ca/CompanyInfo/AboutUs/Default.aspx)
Future Shop (http://www.futureshop.ca/en-CA/home.aspx)
From Wikipedia, the free encyclopedia
Future Shop is Canada's largest consumer electronics retailer. Future Shop operated 139 stores across all of Canada's provinces in January 2013.
Future Shop was purchased for C$580 million by Best Buy on November 4, 2001. The company was renamed Best Buy Canada Ltd.—a wholly owned subsidiary of its American parent. It has 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 December 2008, Future Shop opened its new flagship store in Edmonton at South Edmonton Common, which is the largest in Canada.
The key …show more content…
leaders and the information:
|The logo |
|Type |Division of Best Buy |
|Industry |Retail |
|Founded |1982 |
|Headquarters |Burnaby, British Columbia,Canada |
|Key people |Michael Pratt - President (Best Buy Canada), |
| |Charles Tobin - Senior Vice President (Future |
| |Shop) |
|Products |Electronics |
|Revenue |$5.0 billion CAD (2008) |
|Employees |13,100 |
|Parent |Best Buy |
Give a brief history of the company:
History
Beginnings
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.[2] Khosrowshahi graduated from the University of Tehran with a degree in law and economics and was a part of the family that owned the Minoo Industrial Group, a large Iran manufacturer of pharmaceuticals, cosmetics, and food products. Khosrowshahi planned to open a chain of consumer and home electronics stores and take over the Canadian retail market. His associate, Ardeshir Ziabakhsh (Ardy Zia), took the role of president and CEO of the newly formed company and Khosrowshahi served as chairman and founder. In 1983, Future Shop opened the first three stores, all of which were in British Columbia. The company sold computers, software, games, videocassettes, audio equipment, music, and other items. By December 1983, the first month all of the Future Shop stores were opened and making business, the company reached $2.8 million in sales.[2]
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.[2] In August 1993, Future Shop went public on the Toronto Stock Exchange, making $30 million 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, 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 let go during this transitional period.
In December 2011, Future Shop opened its first liquidation centre in Quebec, in Greenfield Park.[3]
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, because of 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. (http://en.wikipedia.org/wiki/Future_Shop)
Identify the mission, the vision, philosophy and the objectives of the company & Made a comparison between the time when they started their activities with which they are rendered today
In almost 30 years, Future Shop has grown from a “one store operation” located in Vancouver, British Columbia, to Canada’s largest retailer and e-tailer of consumer electronics with 140 stores from coast to coast, and an average of over 125,000 unique visitors to the website every day. (see store locations).
Established in 1982, Future Shop’s first store was located in Vancouver, British Columbia and showcased 4,000 square feet of the latest consumer …show more content…
electronics.
During the late 1980s, Future Shop followed an aggressive growth strategy, quickly expanding operations into the provinces of Alberta Manitoba and Ontario. By 1990, Future Shop had become Canada’s largest electronics retailer. Throughout the 90's Future Shop continued to expand into the remaining provinces in Canada and by fiscal 2001 annual sales had surpassed $2 billion.
Present Day
Today, Future Shop and it's 10,000+ employees are dedicated to providing customers with expert advice both in-store and online.
Those two worlds collided in spectacular fashion at the end of 2012 when British Columbia and Ontario were the first provinces to play host to a new kind of retail experience in Canada. The new Futureshop.ca stores that opened in North Vancouver, BC and Brockville, ON feature the hottest products in-store, and also provide customized web kiosks for access to the full online assortment. Designed to allow customers a way to check out products in-store and online simultaneously with experts on hand, Futureshop.ca stores are designed to evolve with the changing needs of Canadian consumers.
Future Shop offers the latest in home and entertainment products including a wide selection of brand name televisions, computers, tablets, smartphones, cameras, audio devices, video games, movies, and appliances. And it’s all backed by our Price Beat Promise that even includes beating online competitor’s prices.
In addition to technology, Future Shop has added a new ‘Discover More’ section, featuring thousands of products never before seen at www.FutureShop.ca. Items like kids’ toys, tools for the home and garden, luggage, health and beauty products, travel items, furniture, and much
more.
In December 2011, Future Shop unveiled the Future Shop Liquidation Centre —a new concept designed to help customers save even more. It’s the first electronics Clearance Centre in Quebec that receives new clearance and open box products every week and sells them at or below cost - every day.
Future Shop offers nationwide ConnectPro installation services to help customers get their technology working together. ConnectPro Experts are available in all stores across Canada and can also come to customers’ homes. They are trained to help customers get the most from their home theatre, computer or car audio products.
Future Shop hosts an online community forum for technology beginners and tech-savvy experts to exchange ideas, reviews, tips and other consumer electronics information.
As a proud corporate citizen, Future Shop is committed to employee volunteerism and supporting non-profit organizations dedicated to transforming local youth into Future Leaders .
The Company is helping keep used electronics out of the landfills with an in-store recycling program for seven types of products.
Future Shop stores operate as a division of Burnaby-based Best Buy Canada Ltd., a wholly-owned subsidiary of Best Buy Co., Inc. (http://www.futureshop.ca/CompanyInfo/AboutUs/Default.aspx)