In an all-Canadian strategy, high tech retailer The Source announced plans to open 20 new stores across Western Canada, Ontario, Quebec and Newfoundland in 2013.
The expansion builds on The Source’s 2012 sales and revenue results. The national retailer added 67 locations across Canada to bring its current footprint to more than 700 stores.
The Source admittedly has a “Small Box” format compared to “Big Box” retailers such as Best Buy. The company claims this format helps them meet the needs of people and small businesses looking for electronics and mobile products.
Charles Brown, president and CEO of The Source, said the pace of change in the industry is so fast that it can make the buying experience feel complex. The Source’s 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 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,” Brown added.