In a restructuring effort to make its business more profitable, Best Buy announces store closures in Turkey and China -- alongside reduction of its International segment's IT infrastructure costs.

The retailer will exit completely from Turkey-- closing all its current operations, including 2 Best Buy large-format stores.

Meanwhile the Chinese restructuring will involve closing 9 Best Buy stores as the company explores "more profitable growth options". It will also consolidate its brand's operations Continue reading...

Recently bankrupt rental chain Blockbuster is up for auction-- with buy-out bids starting at $290m.

Starting off the bidding is Cobalt Video Holdco LLC (as the stalking-horse bid), pending agreement to manage the auction by a New York bankruptcy court. Final investment offers are expected within 30 days.

The future Blockbuster buyer will take over of the chain's assets-- including its European outlets in Italy, UK and Denmark-- with no binding agreement on continuing the chain as-is.

Blockbuster Continue reading...

What's a manufacturer doing in retail? Most vendors fail in retail, fail terribly in fact...but the fruit of success of one brand in particular inspires many to try.

In this case, it's Apple's own OEM in Asia that wants to follow Apple's retail branch success.

Contract maker Foxconn, subsidiary of Hon Hai, has its own plan for retail success--a plan so clever, so unusual that you can't help but stand up and salute it's audacity.

Foxconn started the retail operation Wan Ma Ben Teng (that means Continue reading...

Best Buy Europe chief marketing officer Jeff Severts admits his lack of satisfaction with the retail chain's UK launch in an interview with Marketing Week. In his own words: “I’m not satisfied that enough people in the UK know about Best Buy or understand it with the intimacy I’d like."

Alongside the chain's failing to make its desired impact on the UK market (despite launching 6 stores in 2010), the last 6 months see the exit of a number of senior Best Buy executives-- including European CEO Scott Continue reading...

Düsseldorf airport's departure terminal C houses Saturn's first automated retail shop, Saturn Xpress.

The kiosk carries over 50 products aimed at travellers-- headphones, recharging cables, mp3 players, digital cameras-- from top brand names.

Customers carry out purchases with a touch screen interface, and credit cards handle payments.

Saturn plans a test run of 11 Xpress kiosks in busy areas through Germany-- including airports and train stations.

Go Saturn Tests Use of Automated Retail Shops Continue reading...

Best Buy kicks off a repurchasing program for old CE purchased from its stores.

Customers are now able to buy "buy-back protection" with their Best Buy CE purchases, allowing them to sell back the items to the retailers later.

The program involves 5 categories--  laptops, netbooks, tablets, mobile phones and TVs.

Payments are in the form of a Best Buy gift card. A time-based sliding scale calculates the amount customers receive-- items 2 months old get up to 50% of original purchase price, while Continue reading...

Metro Group sells its French Saturn operations (34 stores) to Boulanger operator HTM Group.

Metro describes the move as "consistently driving its strategically orientated portfolio optimisation".

HTM will operate all 34 stores and keep their 2000 staff. After a few months' worth of transition period, the Saturn stores will be rebranded with the Boulanger label.

Antitrust authority approval remains the transaction's final step-- otherwise both parties agree not to disclose the consideration.

Game's interim financial statement announces pre-owned products will make 25% of its 2010 sales (a from 2009's 21%).

The company describes pre-owned sales as a key element in its value offer-- since it wants to deliver what its customers want.

The statement also says sales in the 44 weeks to 4 December 2010 down by 8.8%-- sales were down by 7.9% for the same period 2009.

Meanwhile HMV looks into offering an online pre-owned games sale service in the UK. Amazon UK recently launched it own online Continue reading...