Content about Consumer electronics

September 9, 2014

Analyst firm Wedbush Securities is reportedly advising clients that a bankruptcy is “imminent” at RadioShack.

Fort Worth, Texas – Analyst firm Wedbush Securities is reportedly advising clients that a bankruptcy is “imminent” at RadioShack. According to Barron’s, Wedbush has lowered its target price for RadioShack to $0, citing concerns including inability to secure lender approval for 1,100 proposed store closings and general weakness in the consumer electronics sector.

May 1, 2014

Best Buy is updating its home theater departments with in-store Sony shops.

San Diego -- Best Buy is updating its home theater departments with in-store Sony shops. Beginning in May, Sony Electronics will start opening “Sony Experience at Best Buy” shops at approximately 350 Best Buy locations nationwide.

April 16, 2014

Bang & Olufsen unveiled its first newly redesigned store concept in North America, at the new Madison Avenue location in New York City.

New York -- Bang & Olufsen unveiled its first newly redesigned store concept in North America, at the new Madison Avenue location in New York City. The 1,400-sq.-ft. store is designed to evoke a true sensory experience and demonstrate Bang & Olufsen's commitment to providing extraordinary consumer experiences.  

Other locations in New York City will adopt the new design, as well as a handful of additional locations across the United States next fiscal year.

March 24, 2014

RadioShack has opened the company’s second California concept store in Sun Valley. RadioShack has been part of the Sun Valley community since opening in 1982.

Fort Worth, Texas — RadioShack has opened the company’s second California concept store in Sun Valley. RadioShack has been part of the Sun Valley community since opening in 1982. The new concept store has moved to a new location in Canyon Plaza.

March 4, 2014

RadioShack Corp. said it plans to close up to 1,100 stores, approximately one-fifth of its total, and also announced a disappointing holiday season and a wider quarterly loss.

Fort Worth, Texas -- RadioShack Corp. said it plans to close up to 1,100 stores, approximately one-fifth of its total, and also announced a disappointing holiday season and a wider quarterly loss. The shutterings will leave the chain, whose turnaround appears to be still far off, with over 4,000 locations, including more than 900 dealer franchise locations.

February 4, 2014

RadioShack Corp. will close about 500 stores within months as part of its ongoing restructuring, the Wall Street Journal reported.

New York -- RadioShack Corp. will close about 500 stores within months as part of its ongoing restructuring, the Wall Street Journal reported on Tuesday. The retailer, which is due to report results for the fourth quarter later this month, has about 4,500 locations.

January 30, 2014

As part of a restructuring Best Buy Canada will be consolidating sales departments and reducing management layers in Future Shop and Best Buy stores, resulting in the layoff of about 950 full-time employees across both Future Shop and Best Buy brands.

Vancouver, Canada -- As part of a restructuring Best Buy Canada will be consolidating sales departments and reducing management layers in Future Shop and Best Buy stores, resulting in the layoff of about 950 full-time employees across both Future Shop and Best Buy brands. All store employees were notified individually about these changes and those impacted were provided with severance packages.

October 29, 2013

RadioShack has pulled out all the stops for its new hometown location in Sundance Square in downtown Fort Worth, Texas, opening a retro-styled store that speaks to the heritage of the brand and locale.

Fort Worth, Texas – RadioShack has pulled out all the stops for its new hometown location in Sundance Square in downtown Fort Worth, Texas, opening a retro-styled store that speaks to the heritage of the brand and locale. Set to open Oct. 30, it will be the tenth RadioShack concept store to open nationwide, but the first to feature a custom design.

October 24, 2013

Samsung Electronics Canada is opening 90 new format Samsung Experience Shops in partnership with Best Buy Canada and Future Shop.

MISSISSAUGA, Ont. -- Samsung Electronics Canada is opening 90 new format Samsung Experience Shops  in partnership with Best Buy Canada and Future Shop.  
 
The company plans to expand its Canadian retail footprint with the opening of two freestanding Samsung Experience Stores, one in Edmonton, Alberta, and the other Richmond, B.C. All retail locations are scheduled to open by spring 2014.

October 17, 2013

RadioShack and Citi Retail Services announced a long-term agreement to extend their 28-year consumer credit relationship.

Atlanta -- RadioShack and Citi Retail Services announced a long-term agreement to extend their 28-year consumer credit relationship. Under the agreement, Citi will continue to provide service-enhancing solutions and analytics in support of RadioShack’s targets for growth. RadioShack customers will continue to enjoy comprehensive financing programs and top-tier customer service.

October 11, 2013

Best Buy is reportedly planning a major promotion to boost sales of the iPhone 5c and 5s the week of Oct. 13.

Richfield, Minn. – Best Buy is reportedly planning a major promotion to boost sales of the iPhone 5c and 5s the week of Oct. 13. According to TechnoBuffalo, an internal corporate memo indicates that consumers who trade in select smartphones that week will receive a $100 credit that can be used to cover the down payment on a new iPhone 5c or 5s.

October 7, 2013

RadioShack unveiled a store remodeled to its new high-touch format, in Manhattan, with an additional Big Apple location set to open on Oct. 12.

New York -- RadioShack unveiled a store remodeled to its new high-touch format, in Manhattan, with an additional Big Apple location set to open on Oct. 12. The format incorporates interactive areas designed to help shoppers improve their technology profile. The chain premiered the design in July, on Manhattan’s Upper West Side.

Features of RadioShack’s updated design include:

Newly configured displays highlighting in-demand brands like Apple, HTC and Samsung, as well as mobile carriers such as AT&T, Sprint and Verizon;

September 16, 2013

Sept. 16, is the final day of a four-day promotion Best Buy Co., Inc. is offering to customers who want credit toward purchase of an iPhone 5.

Richfield, Minn. -- Sept. 16, is the final day of a four-day promotion Best Buy Co., Inc. is offering to customers who want credit toward purchase of an iPhone 5.

Best Buy will give a minimum $100 trade-in credit for an iPhone 5 to any customers who brings in a working smartphone. Best Buy says that will make the iPhone 5, currently available on several major carriers for $99.99, free. Customers will still have to pay any applicable sales tax and activation fees.

July 9, 2013

While Best Buy is still the world’s largest consumer electronics chain, it’s no secret that the brand faces big questions about store size, format, and long-term viability in an evolving brick-and-mortar retail landscape.

While Best Buy is still the world’s largest consumer electronics chain, it’s no secret that the brand faces big questions about store size, format, and long-term viability in an evolving brick-and-mortar retail landscape. I found the recent announcement that Microsoft and Best Buy had reached an agreement to roll out dedicated Windows “stores” in 600 Best Buy locations across North America this summer to be somewhat surprising, but certainly in line with the needs of both companies.

June 13, 2013

Microsoft Corp. announced that it plans to open 500 “Windows Store” shops in 500 Best Buy stores across the country and in more than 100 Best Buy and Future Shop locations in Canada.

Redmond, Wash. -- Microsoft Corp. on Thursday announced that it plans to open 500 “Windows Store” shops in 500 Best Buy stores across the country and in more than 100 Best Buy and Future Shop locations in Canada. The roll out will launch in late June, lasting through September.

The in-store shops will sell exclusively Windows-based tablets and computers and other Microsoft products, with support from dedicated staff, in an interactive environment.  

May 15, 2013

RadioShack will start offering a tailored assortment of consumer electronics products in college stores operated by NACSCORP, a subsidiary of the National Association of College Stores, this fall.

Fort Worth, Texas – RadioShack will start offering a tailored assortment of consumer electronics products in college stores operated by NACSCORP, a subsidiary of the National Association of College Stores, this fall. A five-year agreement will establish branded RadioShack sections within college stores that offer both branded and private label electronics products and accessories.

Through this arrangement, RadioShack will have direct access to customers of roughly 4,000 college stores around the country.

 

April 30, 2013

Consumer electronics retailer Best Buy is leaving the European market.

Minneapolis -- Consumer electronics retailer Best Buy is leaving the European market. The company is selling its stake in a joint European venture with U.K.-based consumer electronics retailer Carphone Warehouse Group PLC for cash and stock worth about $775 million USD.

Best Buy Co. will also pay Carphone 29 million pounds (about $45 million) related to existing agreements that will be terminated when the deal closes. The U.S. retailer also said that it will incur an approximately $200 million asset impairment charge related to the stake sale.

February 8, 2013

Everybody loves a turnaround story. RadioShack is betting that the now-former president of daily living products and solutions for Walgreens, Joe Magnacca, will help author a turnaround story of its own for the small-box consumer electronics retailer.

Everybody loves a turnaround story. RadioShack is betting that the now-former president of daily living products and solutions for Walgreens, Joe Magnacca, will help author a turnaround story of its own for the small-box consumer electronics retailer.

January 14, 2013

RadioShack Corp. announced that it is ending its relationship with Target, where it helps operate Target Mobile in 1,500 Target stores, effective April 8.

Fort Worth, Texas -- RadioShack Corp. announced that it is ending its relationship with Target, where it helps operate Target Mobile in 1,500 Target stores, effective April 8.

The RadioShack and Target partnership provided RadioShack access to manage Target's post-paid mobility business. But RadioShack did not manage the prepaid mobility business or the wider range of accessories offered in Target stores.

April 16, 2012

While a Web presence is a prerequisite to doing business in the 21st century, the fact that 77% of consumers are now using tablet computers or smartphones to shop is forcing retailers to rethink their digital strategies, according to a survey from online price comparison engine PriceGrabber. Realizing this is not a decision to be taken lightly, retailers need to take steps to ensure that mobility can be an opportunity, and not a threat, to their business.

January 31, 2012

Apple Inc. has hired John Browett, CEO of Dixons Retail PLC, the United Kingdom’s largest consumer-electronics retailer, to lead its retail store division.

New York City -- Apple Inc. has hired John Browett, CEO of Dixons Retail PLC, the United Kingdom’s largest consumer-electronics retailer, to lead its retail store division. The appointment marks the end of a seven-month search to replace Ron Johnson, who left the world’s most valuable technology company last year to become CEO of J.C. Penney Co.

January 9, 2012

Sales of consumer electronics fell 5.9% this past holiday season, as smartphones cannibalize sales of standalone gadgets like cameras, camcorders and GPS navigation devices, according to the NPD Group.

Las Vegas -- Sales of consumer electronics fell 5.9% this past holiday season, as smartphones cannibalize sales of standalone gadgets like cameras, camcorders and GPS navigation devices, according to the NPD Group.

Electronics sales, including TVs and PCs, totaled $9.5 billion in the five weeks ending Dec. 24, NPD reported. Camcorder sales fell 43% and sales of digital picture frames were down 38%. GPS units decreased 33%. Television sales were down 4%, bolstered by sales of TVs bigger than 50 inches.

December 13, 2011

Customers returning electronics products will cost U.S. consumer electronics retailers and manufacturers nearly $17 billion this year, an increase of 21% since 2007, according to a new Accenture research report.

New York City -- Customers returning electronics products will cost U.S. consumer electronics retailers and manufacturers nearly $17 billion this year, an increase of 21% since 2007, according to a new Accenture research report. These costs include receiving, assessing, repairing, reboxing, restocking and reselling returned products.

October 26, 2011

RadioShack Corp. reported Tuesday that profit for the quarter ended Sept. 30 plummeted to $300,000, compared with earnings of $46 million in the year-ago period.

Fort Worth, Texas -- RadioShack Corp. reported Tuesday that profit for the quarter ended Sept. 30 plummeted to $300,000, compared with earnings of $46 million in the year-ago period. The retailer cited the transition from T-Mobile offerings to Verizon Wireless as a major reason for the performance decline, although that was offset somewhat by new mobile service and sales centers in Target stores. The company launched Verizon Wireless in more than 4,400 stores on Sept. 15, as well as ramped up its Target Mobile centers rollout in the same period.

September 21, 2011

RadioShack will begin selling Barnes & Noble’s Nook brand of electronic reading devices and accessories at its stores on Oct. 3.

New York City -- RadioShack will begin selling Barnes & Noble’s Nook brand of electronic reading devices and accessories at its stores on Oct. 3.

The basic Nook sells for $139, and the color version sells for $249.