Best Buy UK to close after only a year

Do you remember Best Buy in the UK? We can't recall seeing or hearing of any branches of it, but now we know we won't be hearing of them in the future, as Carphone Warehouse has opted to close all the branches that currently exist, as reported by The Verge.

The Verge sources information from both The Sunday Times and The Telegraph, that the American brand is to depart from the United Kingdom again. Operated by Carphone Warehouse, the transatlantic venture appeared successful when it began. The opening concept was to sell things for a dirt-cheap price, draw consumers in, and then slowly return the prices to their intended levels over time. The concept simply did not work however; a fact proven by the £83,000,000 loss made in less than twelve months. As prices increased, buyers decreased, returning to other brands for their needs.

The agreement between Carphone Warehouse and Best Buy is unlikely to die entirely, though more information should be forthcoming on Tuesday, when Carphone Warehouse delivers its fiscal report for the end of the year. Best Buy sub-stores within branches of Carphone Warehouse could remain a possibility due to the shared location and theoretically, also shared staff. Carphone Warehouse's official statement is as follows:

"We always said we would open 11 stores and then conduct a strategy review. We are now conducting our evaluation with our partners and will provide an update in due course."

Within the United Kingdom, Best Buy arguably lacked relatable brand recognition for the general consumer. While many Neowin readers across the world will have heard of the company, the same cannot be said about the general public. Within the British Isles there are two main companies; Dixons, and Comet. Best Buy's aim was to take the fight back to the two companies, but as can be seen, they were unable to deliver in adequate time.

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