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Future Shop
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Future Shop was a Canadian electronics store chain. It was established in 1982 by Hassan Khosrowshahi.[1] By 1990, the chain had become the country's largest retailer of computer and consumer electronics. In October 2012, the company operated 149 locations across Canada.[2]

Key Information

In November 2001, Future Shop was acquired by the similar American chain Best Buy for C$580 million. Although Best Buy began to establish Canadian locations under its own name following the purchase, it continued to operate the Future Shop stores as a separate chain.[3] Even though many of the new Best Buy locations were in close proximity to existing Future Shop stores, the two chains were differentiated primarily by their in-store experiences.

On March 28, 2015, Best Buy announced the dissolution of the Future Shop brand and the closure of 66 of its locations.[4] All remaining locations were converted to Best Buy stores.

History

[edit]

Beginnings

[edit]
A Future Shop store in Edmonton in July 2007

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.[5] Khosrowshahi graduated from the University of Tehran with a degree in law and economics and was a part of the family who 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.[5]

By 1990, Future Shop became the largest retailer of computers and consumer electronics in Canada and was operating 38 stores across the country and some areas of the United States.[4][5] 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 in EBITDA (earnings before interest, taxes, depreciation and amortization).[6]

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.

Focusing on Canadian markets

[edit]

In 1998, Future Shop purchased the Canadian division of Computer City from CompUSA, 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 were liquidated because of poor sales. In addition, the competing Adventure Electronics in Ontario and Quebec closed, leaving Future Shop as the only big-box electronics retailer in Canada.

By the end of 1998, the U.S. locations of Future Shop were performing poorly, with $53 million 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 in the summer.[7] The closures left Future Shop with 81 stores across Canada. Many of the stores became part of one of its major U.S. competitors, the Best Buy chain.

In 2000, Future Shop 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 liquidate the five remaining Computer City stores because of 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.[8]

Best Buy buyout, new store concepts

[edit]
A newer-styled Future Shop in Sudbury, Ontario

In March 2001, the U.S. electronics store chain Best Buy acquired Future Shop for CDN$580 million.[9] Following the purchase, Khosrowshahi stepped down as president, but other executives from Future Shop retained their positions within the company. Best Buy continued to operate Future Shop as a separate division following the purchase, acknowledging the strength of the brand. However, in 2002, the company began to open Best Buy locations in Canada as a secondary chain.[10]

The dual-banner strategy sought to improve the company's Canadian market share by providing new options to consumers; the chains were differentiated primarily by their in-store experiences and promotional strategies, as Future Shop continued to use commission-based salespersons and featured home appliance selections, while Best Buy used non-commissioned salespersons and featured more interactive displays. The differences between the stores also attracted differing demographics; Future Shop's use of haggling appealed to customers who had immigrated to Canada from countries where the practice is commonplace, while Best Buy's relaxed atmosphere was popular among women.[10]

Some Best Buy locations were within driving distance, or even on the same lot, as an existing Future Shop. In one case, a Best Buy was opened at the Toronto Eaton Centre at around the same time that a new Future Shop was placed across from Sankofa Square (then known as Yonge-Dundas Square). Some of the new Best Buy locations would cannibalize sales at Future Shop stores located in close proximity to them, but typically the new Best Buy would generate considerable new revenue that would more than make up for the drop in the sales of the existing Future Shop, the net result being that the two stores increased their parent's overall market share in that area while keeping rivals out. This dual-banner strategy was effective before the mass proliferation of online-only retailers.[10][11]

In an effort to widen the chain's customer base, Future Shop began to experiment with an updated store concept at new locations in Vancouver and South Edmonton Common in 2008. The new stores featured an expanded, 53,000 square foot layout divided into four main departments. Work (computing), Play (video games, musical instruments), Living (home appliances and exercise equipment), and On the Go (mobile phones and audio products). A central hub was staffed by "connectivity experts", whom customers could consult for personalized advice on technology options.[10][12] In December 2011, Future Shop opened a liquidation store in Greenfield Park, Quebec.[13]

Demise

[edit]
A closed Future Shop store in Richmond Hill in May 2015

On January 31, 2013, Best Buy Canada announced that it would begin to close various locations, including eight Future Shop locations effective immediately, as part of a "long-term transformational strategy to optimize the company's retail footprint across the country." The company also planned to target more resources toward its online retail operations to compete against other major vendors such as Amazon.com.[11] These closures included locations in New Westminster, Nanaimo, Victoria, Langford, Surrey, Lachenaie, and Sherbrooke.[4][14][15] On January 30, 2014, 950 employees of both chains were laid off.[14] In 2014 and early 2015, other Future Shop locations were closed, including those in Boucherville, Greenfield Park,[16] Montreal,[17] Ottawa,[18] Regina,[19] Kingston,[20] New Minas,[21] and New Glasgow.[22]

On March 28, 2015, Best Buy Canada announced that Future Shop would cease business effective immediately. 66 locations were permanently closed, and the remaining 65 locations were soft launched as Best Buy locations on April 4, 2015 (although still carrying Future Shop signage for the time being). In the months that followed, the locations were renovated to adopt Best Buy's branding and store format.[23][24]

Best Buy stated that these closures and re-brandings were intended to reduce redundancy, as the closed stores were located within close proximity of a Best Buy. The closures affected 1,000 part-time and 500 full-time jobs. In turn, Best Buy Canada announced that it would invest at least $200 million over the next two years to increase staffing and add home appliance departments to all stores.[11][25] Canadian Best Buy locations will honour Future Shop warranties and gift cards.[25]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Future Shop

View on Grokipedia
from Grokipedia
Future Shop was a major Canadian retail chain specializing in and home appliances, founded in 1982 by Iranian-Canadian entrepreneur in , British Columbia, and grew to become the country's largest retailer in its category by 1990 with rapid expansion across provinces like , , and . The company went public on the Toronto and Vancouver stock exchanges in 1993, operating 36 stores in Canada and two in the United States at the time, with annual revenues reaching $334 million and plans for further growth. By the early , Future Shop had expanded to over 100 superstores nationwide, reporting net earnings of $23.7 million in 2000 and sales approaching $2 billion before its acquisition. In September 2001, U.S.-based acquired Future Shop for approximately $580 million CAD, allowing it to operate as a separate Canadian subsidiary while maintaining its brand identity alongside locations. The chain faced challenges in the U.S. market, closing all 23 stores there by 1999 after incurring $53 million in losses from a failed expansion. Future Shop employed around 7,100 people at its peak in 2002 and continued operations under until 2015, when intensified competition from e-commerce giants like Amazon and shifting consumer preferences prompted the closure of 66 stores, with the remaining 65 rebranded as , effectively ending the Future Shop name and impacting about 1,500 employees.

Company Overview

Founding and Leadership

Future Shop was founded in 1982 by Iranian-Canadian entrepreneur Hassan Khosrowshahi in Vancouver, British Columbia, opening as a single retail store dedicated to consumer electronics. Khosrowshahi, born in 1940 in Tehran into a prominent merchant family, earned a degree in law and economics from the University of Tehran before immigrating to Canada in 1981 amid the Iranian Revolution. Upon arrival, he established the Inwest Group of Companies, focusing on real estate development through subsidiaries like Wesbild, which allowed him to accumulate significant wealth prior to venturing into retail with Future Shop as a subsidiary. The inaugural store's concept capitalized on the early 1980s surge in , including home computers, VCRs, , and video games from brands such as and , employing a superstore model with extensive , warehouse-style layout, and aggressive to attract price-sensitive customers. This approach emphasized competitive pricing and broad product availability to meet the growing demand for affordable in . Future Shop operated under Khosrowshahi's leadership as founder and chairman until its acquisition by in 2001, with the business initially structured as a family-run enterprise through Inwest Investments Ltd.

Headquarters and Scale

Future Shop was headquartered in Burnaby, British Columbia, at 8800 Glenlyon Parkway, a location that supported the company's expansion as it transitioned from its initial Vancouver base in the early years to a larger operational hub in the 1990s. At its peak, Future Shop operated 149 stores across as of October 2012, establishing itself as the country's leading retailer before its integration with . Following the 2001 acquisition, it continued as a separate brand under until its closure and rebranding in 2015. The chain's largest single location was in Edmonton, Alberta, spanning 53,000 square feet and exemplifying the superstore format designed for extensive product displays and customer experiences. Geographically, Future Shop began with three stores concentrated in following its 1982 founding, all opened by 1983. The company expanded steadily throughout the 1990s, achieving presence in all ten provinces by the decade's end, excluding the northern territories, through targeted openings that capitalized on regional demand for . The retailer employed more than 10,000 people at its height, with operations emphasizing efficient warehouse and distribution centers to sustain the inventory needs of its expansive superstore network.

Business Model

Future Shop pioneered the superstore format for in during the early , establishing large warehouse-style outlets that emphasized high-volume sales of items such as televisions, computers, and . These stores, averaging around 27,000 square feet, featured stacked merchandise displays and broad product assortments to attract price-conscious shoppers seeking one-stop experiences, differentiating the retailer from smaller, traditional outlets. By the late , this model had expanded across and beyond, enabling that supported over 100 locations by the early 2000s. The company's pricing strategy centered on aggressive discounting and a commitment to offering "Canada's lowest prices," bolstered by a price-matching guarantee that allowed customers to receive refunds for any lower competitive offers on identical products. This approach was underpinned by direct relationships with major suppliers like and , which facilitated volume purchasing and ensured access to competitively priced inventory without intermediaries. Heavy advertising expenditures—often double those of competitors relative to sales—reinforced this low-margin, high-turnover model, positioning Future Shop as a market leader in undercutting rivals. Future Shop's supply chain relied on centralized distribution hubs in , which streamlined and supported rapid across its network of stores. This setup minimized overhead costs through efficient and just-in-time replenishment, allowing the company to maintain fresh stock of high-demand while extending product availability nationwide. Extended warranties emerged as a key revenue stream within this framework, providing additional margins on sales by offering customizable protection plans that enhanced perceived value for customers. To facilitate big-ticket purchases, Future Shop introduced in-house plans in the , enabling consumers to through flexible installment options directly at the point of sale. These plans, integrated with the retailer's point-of-sale systems, boosted accessibility for higher-value items like computers and home theater systems, contributing to increased sales volumes without relying solely on external lenders.

History

Early Years and Expansion in Canada

Future Shop was founded in 1982 by Iranian immigrant in , , at a time when the personal computer revolution was beginning to take hold in . The company's first store opened that year, targeting 's burgeoning tech-savvy consumer base with a focus on affordable , including early s and home audio systems. By the end of 1983, Future Shop had expanded to three stores within , adopting a superstore format that emphasized wide selection and competitive pricing to capitalize on the growing demand for consumer technology. This rapid initial buildup allowed the retailer to achieve $2.8 million in revenue in its first full month of operations across all three locations, signaling strong early market acceptance. During the 1980s, Future Shop continued its organic growth by entering new provinces, starting with and extending to and , thereby establishing a national footprint amid the PC boom that drove surging interest in computing hardware and peripherals. The chain navigated challenges such as the lingering effects of the and intensifying competition from established local retailers like A&B Sound, which sparked price wars and legal disputes over advertising practices. By focusing on underserved Canadian markets and differentiating through knowledgeable staff and extended hours, Future Shop overcame these hurdles, positioning itself as a go-to destination for tech enthusiasts. This strategic emphasis on computers helped fuel expansion, with the company prioritizing product categories that aligned with the era's technological shifts, such as IBM-compatible PCs and peripherals. By 1990, Future Shop had solidified its dominance, becoming Canada's largest independent retailer of and computers with a network of stores across multiple provinces. This milestone reflected the company's ability to ride the wave of the personal computing surge, where sales of home and office PCs skyrocketed, enabling Future Shop to outpace rivals through aggressive yet targeted growth. By , the chain operated 36 stores nationwide, setting the stage for further national penetration while maintaining a reputation for innovation in retail electronics.

Public Offering and Growth Challenges

In August 1993, Future Shop launched its on the and exchanges, raising approximately CAD 30 million at CAD 11.25 per share to support further expansion and alleviate existing debt. At the time of the IPO, the company operated 36 stores nationwide, positioning it as Canada's largest retailer. The offering complied with Canadian securities regulations under the Securities Commission and Securities Commission, requiring enhanced disclosure and governance standards for public entities. The IPO facilitated a transition to public company status, prompting the addition of independent directors to the board to ensure objective oversight and alignment with shareholder interests as mandated by stock exchange listing requirements. This capital infusion enabled aggressive growth, with revenues exceeding CAD 1 billion by fiscal 1995, primarily through new store openings that expanded the footprint to over 50 locations by the mid-1990s. However, rapid scaling strained operations, leading to elevated debt from acquisition costs and inventory accumulation amid fluctuating consumer demand for electronics. By 1996, these pressures contributed to a significant stock price decline to CAD 11.37 per share, as analysts withdrew buy recommendations amid concerns over overexpansion and intensifying competition from U.S. chains like entering the Canadian market. Softening sales of personal computers and broader electronics further exacerbated inventory overhang, prompting a net loss in fiscal 1996. In response, the company initiated restructuring in 1997 under , who assumed the roles of president and CEO following the departure of Mohammad Kiabakhsh, focusing on cost controls and operational efficiency to stabilize finances. This included selective store closures of underperforming outlets and a strategic retreat from unprofitable U.S. expansion efforts, which had incurred CAD 53 million in losses from 1997 to 1999 before full withdrawal in March 1999. By fiscal 2000, these measures helped restore profitability, with net earnings reaching CAD 23.7 million.

Acquisition by Best Buy

In December 2000, announced its intention to expand into the Canadian consumer electronics market by opening up to 65 stores over three years, signaling early interest in establishing a strong presence north of the border. This strategic move set the stage for acquisition discussions with Future Shop, Canada's leading electronics retailer at the time. On August 14, 2001, revealed a definitive agreement to acquire all outstanding shares of Future Shop for C$580 million in cash, equivalent to C$17 per share—a 48% premium over Future Shop's closing price of C$11.50 on August 13. The acquisition was driven by Best Buy's desire for rapid market entry, leveraging Future Shop's established infrastructure and approximately 18% share of the Canadian consumer electronics sector to bypass the challenges of building from scratch amid intensifying competition. Future Shop operated 88 stores across and had demonstrated resilience despite recent financial strains, including a quarterly net loss of $802,000 reported for the period ended June 2, 2001, attributed to higher operating expenses. Under the deal terms, Future Shop would continue as a wholly owned with no immediate changes to its store network or team, aside from founder stepping down as chairman and CEO upon closing; president and COO Kevin Layden would remain in place to ensure operational continuity. anticipated adding 1 to 2 cents per share to its earnings in the current from the integration. The transaction faced scrutiny from the , which examined potential impacts on market concentration in the electronics retail sector. Approval was granted in October 2001 without reported divestiture requirements, allowing the deal to close on November 5, 2001. Post-acquisition, committed to expanding the combined network by about 30 stores annually while maintaining Future Shop's distinct branding and operations alongside its own emerging Canadian outlets.

Rebranding, Innovations, and Closure

Following the 2001 acquisition by , Future Shop operated under a dual-banner strategy alongside stores in , allowing the company to maintain the established local brand while integrating operations to leverage shared resources and expertise. This approach aimed to capture different customer segments, with Future Shop focusing on a broader range of and entertainment products targeted at value-conscious shoppers. Between 2002 and 2004, began integrating Future Shop's , inventory management, and online sales platforms, leading to significant sales growth for the 95 Future Shop stores during fiscal 2002 as efficiencies improved. Innovations introduced post-acquisition enhanced store experiences and employee capabilities. In 2004, Best Buy integrated its Geek Squad technical support services into Canadian operations, including Future Shop locations, providing in-store repairs, consultations, and home setup assistance to differentiate from competitors. Employee training programs, modeled on Best Buy's standardized curriculum, were rolled out across Future Shop by 2005, emphasizing product knowledge, customer service, and sales techniques through classroom and online modules to boost staff performance. Stores also incorporated tech demo zones, interactive areas where customers could test products like home theater systems and computers, fostering hands-on engagement and increasing conversion rates. The global recession strained the retail sector, with reporting slowed comparable-store sales growth and reduced consumer spending on discretionary electronics, impacting Future Shop's performance amid broader economic pressures. Intensifying online competition from Amazon further eroded market share, as shifted purchasing habits toward lower-priced, convenient alternatives, making the dual-banner model less viable over time. On March 28, 2015, announced the closure of all 131 Future Shop stores, citing unprofitability and the unsustainability of maintaining two overlapping brands in a rapidly evolving retail landscape. Sixty-six locations were shuttered permanently that day, while the remaining 65 were temporarily closed for one week to undergo rebranding and renovations before reopening as stores, completing the liquidation process over the following months.

Products and Services

Core Product Categories

Future Shop specialized in , offering a wide array of merchandise tailored to the Canadian market. From its , the retailer focused on high-demand categories such as computers and software, which included personal computers (PCs) and later laptops starting in the , alongside related peripherals and programs from brands like and . Consumer audio and video products formed another cornerstone, encompassing , televisions, and videocassette recorders (VCRs) in the early years, which evolved into digital formats like DVD players and high-definition televisions (HDTVs) by the . These items, from manufacturers such as , , and RCA, reflected the shift from analog to digital technologies, with popular additions including digital cameras and devices. The product lineup also extended to appliances and accessories, incorporating cameras and gaming consoles—such as those from and introduced in the —along with home appliances like microwaves, which were added to larger superstore formats for broader appeal. Cellular phones emerged as a prominent category post-2000, aligning with the rise of and complementing on-the-go audio products. Exclusive offerings included partnerships that provided Canadian-specific product adaptations and customized extended warranties, enhancing the retailer's competitive edge in electronics specialization. At its peak, stores stocked thousands of stock-keeping units (SKUs) across these lines, supporting comprehensive displays in superstore environments that emphasized variety and accessibility.

Retail Innovations and Customer Engagement

Future Shop introduced several retail innovations in the 1990s that enhanced the in-store experience for technology shoppers. The company established after-sales service centers across more than 250 locations, providing tech support and repairs as precursors to dedicated services like Geek Squad, alongside the sale of extended warranties to bolster customer confidence in product longevity. These superstores, ranging from 18,000 to 32,000 square feet, featured interactive demo areas with organized display groupings, allowing customers to hands-on explore complex setups such as home theater systems and audio equipment. Well-trained sales staff facilitated these engagements, emphasizing knowledgeable guidance over high-pressure sales tactics. In , Future Shop adapted U.S.-style Black Friday promotions for Canadian consumers starting in the late 2000s, transforming the event into a major annual draw. By 2014, marking their sixth such sale, stores opened early to accommodate crowds, offering deep discounts on and driving record traffic during the weekend. The retailer also pursued aggressive advertising, outspending competitors to highlight promotional events and build through frequent sales on high-demand categories like computers and home entertainment. Customer service policies at Future Shop prioritized accessibility and value, including a price-beat introduced in the amid a with rival A&B Sound, which ensured matching or beating competitors' prices to maintain trust. Extended warranties and credit plans served as key engagement tools, allowing customers to upgrade products or extend coverage while fostering repeat visits. In 2013, a partnership with RBC and enhanced loyalty options, enabling customers to earn rewards points on eligible credit card purchases redeemable for over 90,000 electronics items online, with in-store pickup or fast delivery available. Future Shop launched its online store around 2001 following the acquisition, integrating with physical retail. In 2012, the company introduced in-store pickup services in web-integrated stores to support an approach. In June 2000, Future Shop announced plans for flagship stores in major cities like , , and , which later incorporated features such as online ordering and in-store pickup to streamline the shopping process.

Corporate Affairs and Legacy

Labor and Community Impact

Future Shop's workforce was predominantly non-unionized across its operations in , with sales staff relying on performance incentives to drive . In , a group of employees at a Quebec location became the first in the company's history to successfully unionize under the (UFCW), marking a rare instance of organized labor within the retailer. At its peak in 2002, Future Shop employed around 7,100 people nationwide, positioning it as a significant employer in the retail sector. The company's labor practices faced notable controversies, particularly during periods of . In 2015, the sudden closure of 66 stores resulted in the elimination of approximately 1,500 positions, including 500 full-time and 1,000 part-time roles, with many affected employees receiving severance packages that labor advocates deemed inadequate under provincial standards. Employees reported being given minimal notice and pressured to reapply for positions at rebranded locations, exacerbating the impact on . Future Shop contributed to local communities through initiatives focused on and . The retailer sponsored programs like the Future Generation Tech Lab, which provided grants to elementary schools for integrating into classrooms, enhancing student learning in underserved areas. Additionally, in 2014, Future Shop allocated $150,000 in funding to secondary schools across to upgrade resources for educational programs. Store openings during the company's expansion phases served as employment hubs in suburban and mid-sized cities, supporting local economies by creating retail jobs and stimulating related commercial activity. The closures in 2015, however, led to abrupt economic disruptions in these communities, with the loss of positions rippling through local labor markets.

Founder's Philanthropy and Long-Term Influence

Following the 2001 sale of Future Shop to for approximately CAD $580 million, founder shifted his focus toward , leveraging his business success to support various causes across . His charitable efforts have emphasized , , and the arts, including contributions to organizations such as the Business Council of Canada and the , as well as broader civic initiatives in . Along with his wife, Nezhat, Khosrowshahi received the Mayor's Arts Award for in recognition of their sustained support for cultural and community programs. Khosrowshahi's philanthropic legacy earned him significant national recognition, including appointment as a Member of the in 2016 (invested in 2017) for his entrepreneurial impact on Canada's retail sector and his extensive charitable giving. This honor highlighted his role as one of Canada's leading philanthropists, with contributions that have bolstered community services, including support for family and social welfare organizations like Share Family and Community Services in the Tri-Cities area of . His work has also extended to Persian-Iranian community initiatives, reflecting his immigrant roots from , though specific donation figures remain private. Future Shop's long-term influence on Canadian retail endures through its pioneering of the big-box model, which transformed access to technology in the and . As Canada's largest retailer of computers and by 1990, the chain popularized home computing and home entertainment systems, making affordable gadgets like personal computers and VCRs widely available to households and setting a competitive pricing standard that pressured smaller retailers. This model influenced subsequent players, including The Source (formerly Canada), which adopted similar expansive store formats to compete in the space. On the 10-year anniversary of Future Shop's closure in March 2025, reflections underscored the chain's lasting role in shaping Canadian retail while noting persistent gaps left by its absence. The abrupt shutdown of 66 stores and conversion of 65 others to locations filled immediate voids in physical electronics sales, with investing CAD $200 million to bolster strategies amid e-commerce pressures from Amazon. However, commentators lamented the loss of Future Shop's distinct Canadian identity and knowledgeable, commission-driven sales approach, which provided an independent voice in a market increasingly dominated by global giants, ultimately highlighting the challenges for homegrown retailers in adapting to digital disruption.

References

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