Ten of the 11 large out-of-town retail outlets currently owned by US based electricals specialist Best Buy have been sold to online parent & children’s products retailer Kiddicare, it was announced today.
Kiddicare, which was purchased by supermarket chain Morrisons last year for £70 million, is looking to move into bricks and mortar trading after establishing itself as a market leader online, and a reported £15 million is to be invested in converting these new stores.
Best Buy announced in November that it was to retreat from all of its so called ‘big box’ outlets after failing to establish itself as a major electricals retailer in the UK, just 18 months after entering the market.
Carphone Warehouse, joint partner with Best Buy US for the big box concept, ended trading at the stores earlier this month before completing the sale of them to Morrisons.
Scott Weavers-Wright, CEO of Kiddicare, said: “These 10 flagship stores will put Kiddicare within easy driving distance of nearly a third of the UK population.
“As well as being fantastic destination superstores for families across the country, they are the ideal platform for Kiddicare.com to lead the baby market by giving a true multi-channel experience.”
The new stores, set to open in the autumn of this year, will add to Kiddicare’s only existing outlet located in Peterborough, with the only Best Buy property not included in the deal being the former B&Q store in the Kingsway Retail Park in Derby.
Morrisons proved its ambitions for non-food expansion with the purchase of Kiddicare last year and has been keen since to try and develop the brand since then.
In September the grocery chain said that Kiddicare kiosks would be introduced into its supermarkets as the first part of its plan to develop the trader through new channels.