Future Shop facts for kids
| Subsidiary | |
| Industry | Retail |
| Fate | Merged with Best Buy |
| Founded | 1982 |
| Defunct | March 28, 2015 |
| Headquarters | Burnaby, British Columbia, Canada |
|
Key people
|
Ron Wilson (President and Chief Operating Officer) Annalisa King (Senior Vice President and Chief Financial Officer) Charles Tobin (Senior Vice President) |
| Products | Electronics |
|
Number of employees
|
113,100 |
| Parent | Best Buy Canada |
Future Shop was a popular Canadian store that sold electronics. It was based in Burnaby, British Columbia. For many years, it was a big name in Canada for buying things like TVs, computers, and video games.
Future Shop was bought by another large electronics company, Best Buy, in 2001. After some time, Best Buy decided to change things. On March 28, 2015, Future Shop stores were either closed or changed into Best Buy stores.
How Future Shop Began
Future Shop was started in 1982 by a man named Hassan Khosrowshahi. He was an entrepreneur from Iran who moved to Vancouver, British Columbia. He wanted to create a big store where people could buy all kinds of electronics.
The company grew quickly across Canada. It became one of the biggest places to buy electronics in the country. The largest Future Shop store was located in Edmonton, Alberta.
Becoming Part of Best Buy
In 2001, a very large American electronics company called Best Buy bought Future Shop. Best Buy paid about $580 million for the company. Even after being bought, Future Shop continued to operate as its own brand in Canada. It was like a sister company to Best Buy.
This meant that for many years, both Future Shop and Best Buy stores existed side-by-side in Canada. They often sold similar products but sometimes had different sales or store layouts.
The End of Future Shop
After more than 13 years of owning Future Shop, Best Buy made a big announcement. On March 28, 2015, they decided to close the Future Shop brand. This meant that all Future Shop stores would either shut down or become Best Buy stores.
About 66 Future Shop locations were closed completely. The remaining Future Shop stores were renovated and reopened as Best Buy stores. This change helped Best Buy focus on one main brand in Canada.
Images for kids
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A Future Shop store in Edmonton in July 2007.
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A newer-styled Future Shop in Sudbury, Ontario.
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A closed Future Shop store in Richmond Hill in May 2015.
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