In spite of yesterday’s news that big Canadian retailers Sears and Best Buy Canada announced layoffs and store closures due to shopping trend changes and the economy, electronics retailer The Source has announced plans to open 20 new stores across Western Canada, Ontario, Quebec and Newfoundland in 2013. The expansion builds on The Source’s positive momentum in 2012, when the national retailer added 67 locations across Canada to bring its current footprint to more than 700 stores.
“The Source’s ‘small box’ format is really meeting the needs of consumers looking for electronics and mobile products,” said Charles Brown, president and CEO of The Source, a Canadian company headquartered in Barrie. “The pace of change in the industry is so fast that it can make the buying experience feel complex. Our easy-to-shop store format and team of knowledgeable associates are hitting the mark in providing a very accessible and intimate shopping experience that is resonating with Canadians.”
The Source also plans to renovate 50 of its existing locations in 2013. The renovations focus on modernizing the look and feel of the stores to better merchandise and showcase key categories like mobility and accessories, streaming audio, DSLR Cameras, portable audio, laptops and Smart TVs. With these renovations, by the end of 2013, The Source will have opened or renovated more than 200 locations as it continues to expand and refresh its network of consumer electronics and communications retail stores to better serve Canadians from coast to coast.
“In spite of the cautious economic forecast, we continue to see strong consumer demand in categories like mobility, headphones and home entertainment with strong brands like Apple, Monster, Nikon, Samsung and Sony helping to drive traffic for us,” added Mr. Brown.