Media-Saturn acquires online retailer Redcoon, following various news items on its plans of expanding its online retail strategy.

Redcoon operates in 10 European countries (including Germany, Austria, Spain and Belgium), and boasts revenues of €354m for 2010.

Media-Saturn won't disclose the amount the acquisition went for yet, while Redcoon's current CEO and founder will retain his post as the online retailer will continue operating independently from Media-Saturn.

Meanwhile the online retailer Continue reading...

In 2 weeks' time, the US Treasury will auction $3m worth of supercars, including a Ferrari Ezio-- as part of $31m scammed by one Russell Cole from Best Buy over a number of years. Truly a retailer's nightmare, if there ever was one. How did he do it?

Back in 2003, Best Buy started online auctions to buy replacement parts-- with repair centres across the US issuing lists of needed parts for suppliers to submit blind bits for. Vendors with the lowest bids and parts could then "win" Best Buy's business. Continue reading...

Gome releases its annual results for 2010, where it shows a 39% Y-o-Y increase in net profit, reaching a total of $294m.

The retailer says its net sales are up by 19% from last year, reaching $7.6BN, with a Y-o-Y increase in operating profits over 2009 of 58%. The reasons for such growth include an ever-growing demand for electronics in mainland China-- Gome opened 139 stores in 2010 (and closed 39), bring its store number to 826.

For this year the Gome group plans further expansion of its store Continue reading...

Best Buy plans to open more stores in the UK-- 5 of them, 2 of which will open next month.

The news follows reports of the chain's European entry being something of a non-success, thanks to low street downturn and rivals' aggressive promotion. Adding to this are a number of senior management shakeups.

Best Buy released its Q4 2010 results earlier-- with the European wing reporting a low single-digit increase for the quarter. Best Buy US also plans to reduce its physical store presence in order Continue reading...

Metro mentions its results for 2010, with EBIT before special items growing by 19.3% (€ 2.4B) since the company's restructuring program.

The retailer's sales see overall growth of 2.6% (€67.3B, up from 2009's €65.5B). W. Europe sees 2.8% growth, while E. Europe shows 7.1% increase. Things are not so positive in Metro's home Germany, with 2010 revenues falling by 1.4%.

Metro expects sales to grow by over 4% in 2011, as it continues its growth-- 2010 saw it entering Egypt, Shanghai and Russia. It Continue reading...

The Financial Times reports Metro is looking at online retail as a means to beat its rival retailers at CE sales in both its home territory and beyond.

To reach such an aim it's supposed to be planning to buy an online retailer-- with pan-European retailer Redcoon (selling in 10 European countries, including Germany, Austria, France and Spain) as one possible purchase.

Although it's one of Europe's biggest retailer groups (following Carrefour and Tesco), Metro has very little of an online retail Continue reading...

Media Markt opens its second outlet in that most populous of markets-- China.

The new Shanghai outlet will carry both Western (such as Apple, HP, Acer, Siemens and the like) and Asian brands (Changhong and Hisense, amongst others) in a space including TV and hifi departments and 3200 square metres dedicated to household appliances-- with the company saying its customers are able to "experience" its products.

In total, the store covers around 13000 square meters, with services including installation, Continue reading...

Blockbuster's plan of putting itself on auction-- with bids starting off at $290m from Cobalt Video Holdco LLC-- meets opposition from 45 creditors, including Walt Disney Co., Universal studios, Yahoo, landlords and a committee of unsecured creditors.

The opposing creditors accuse the sale proposal of "being aggressive", as it benefits the group of lenders at all other creditors' expense; allowing them to dictate who receives the sale proceeds.

Meanwhile movie studios-- including Paramount, 20 Continue reading...