US electricals giant Best Buy could be scaling back its bullish plans to crack the European market, according to a report in the Sunday Times.
Best Buy Europe, a joint venture involving the US retailer and UK high street staple Carphone Warehouse, was formed in 2009. The firm opened its first UK store in Thurrock, Essex, the following year. It now has 10 UK outlets, the newest of which was opened in Rotherham last week.
When it first hatched plans to move into the UK market, Best Buy intended to open 200 stores across the country. By the time it opened the doors at its first UK location, its plan was to get 200 shops up and running by 2013.
Progress to date has been at a modest pace and, in December, Best Buy backed out of a deal to open a major store in Gateshead. Reports now claim the retailer will give its European expansion programme an indefinite rest, in light of tough economic conditions. Best Buy has issued no comment.
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