Posted on 14 February 2011
Carphone Warehouse set to open superstores in Turkey
Carphone Warehouse plans to open up to 200 giant electrical superstores across Europe and Turkey over the next five years as part of its tie-up with US electrical giant Best Buy.
The European venture is a result of a partnership agreement struck between the two retailers last year, when Carphone agreed to sell its 2,430 stores into Best Buy International in return for £1.1bn and the two becoming joint venture partners in Europe.
Carphone is to spend up to £90m on Best Buy Europe in the period through to March 2010, including £20m in the current financial year.
In Chicago, Carphone co-founder and chief executive Charles Dunstone said he was “confident of building a significant and profitable consumer electronics business in Europe over the coming years.”
He believes the opportunities for Best Buy Europe – in which Carphone owns a 50pc stake – in the laptop and wireless market are as great as those originally offered by its position in the mobile phone market.
“We have the opportunity to play the same game as we have out of the mobile phone business,” he said.
Telegraph 15 October 2008 (Abridged)