The Source (retailer)
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| The Source | |
| Formerly | RadioShack Canada (1986–2004) The Source by Circuit City (2004–2009) |
| Company type | Subsidiary |
| Industry | Retail |
| Founded | June 1986 (as InterTAN Canada) |
| Defunct | December 2024 |
| Fate | Rebranded as Best Buy Express |
| Successor | Best Buy |
| Headquarters | Barrie, Ontario, Canada |
Number of locations | <300 |
| Products | Electronics |
| Parent |
|
| Website | thesource.ca |
The Source (Bell) Electronics Inc., doing business as The Source (Template:Lang-fr), is a Canadian consumer electronics and cell phone retail chain. The chain goes back over 50 years in Canada, initially as Radio Shack and later as The Source by Circuit City. The Source is now owned by BCE Inc., which purchased the assets of InterTAN from its parent, American retailer Circuit City, in 2009. The chain is based in Barrie, Ontario.
In early 2024, BCE announced it would wind down The Source's operations as an independent chain, with approximately one-third of locations closing outright, and others transitioned to a brand licensing partnership with erstwhile competitor Best Buy under the Best Buy Express banner, by the end of that year. BCE will continue to own, operate, and staff the locations, and they will continue to exclusively offer telecommunications services from BCE's subsidiaries including Bell Canada, but after rebranding they will receive product inventory through Best Buy. The Source's e-commerce website will also be wound down.
History
The Source began as the Canadian branch of Radio Shack (later "RadioShack"). The first Radio Shack store in Canada was opened on April 20, 1970, in Rexdale, Ontario. The chain was originally owned by Radio Shack's American parent company Tandy Corporation, but was spun off in June 1986, along with the rest of Tandy's international operations, as InterTAN. A licensing agreement with what became RadioShack Corporation allowed InterTAN to continue to use the chain's name and logo. InterTAN abandoned its non-profitable West German stores in 1987, left Belgium and France in 1993, sold its British stores to Carphone Warehouse in 1999 and sold its Australian stores to Woolworth subsidiary Dick Smith Electronics in 2002, leaving just the Canadian Radio Shack, Battery Plus, and Rogers Plus stores.
In May 2004, InterTAN was acquired by Circuit City. One week after the acquisition was completed, RadioShack Corporation filed a lawsuit in the 352nd Judicial District Court in Tarrant County, Texas, to end the licensing agreement. RadioShack Corporation claimed that InterTAN had breached the terms of their agreement. On March 24, 2005, the district court judge ruled in favour of RadioShack and cancelled the agreement. The ruling prohibited InterTAN from using the brand name on its stores or in any of its products, packaging, and advertising after June 30, 2005.
On April 26, 2005, Circuit City announced that the stores would be renamed The Source by Circuit City (La Source par Circuit City in Quebec). The rebranding process was completed in the majority of the chain's Canadian stores by July 1, 2005. The chain also introduced new house brands, including Nexxtech and Vital, in place of RadioShack store brands.
In February 2007, The Source announced it would close down 62 low volume stores across Canada. On March 30, 2007, Circuit City announced to its shareholders that it was seeking options including selling off the InterTAN/The Source subsidiary to cut losses. On November 10, 2008, InterTAN sought protection from its creditors, after Circuit City filed for Chapter 11 bankruptcy.
Circuit City announced on January 16, 2009, that its namesake U.S. stores would be liquidated. The Source was not affected by the announcement, and a process followed to sell the Canadian operations as a going concern.[1]
On March 2, 2009, Canadian telecommunications firm Bell Canada announced it would acquire The Source and continue to operate it as an independent division. The acquisition was completed July 1 for the final purchase price of $135 million US, following which the chain removed the "by Circuit City" from its name. Prior to January 2010, the stores sold mobile phone services from Bell's main competitor, Rogers Wireless; at that point, the chain began to exclusively market Bell-owned wireless (including value brand Virgin Mobile), television, and internet services.[2] The Source continues to sell a full array of consumer electronics products.[3][4]
On January 18, 2024, Bell announced that it would enter into an agreement with Best Buy Canada to rebrand The Source stores as Best Buy Express. The agreement is a brand license, under which the stores will remain owned and operated by BCE, and continue to exclusively offer telecommunications services from Bell. As part of this transition, The Source will close 107 of its nearly 300 locations, and also close its Barrie offices;[5] the rebrandings and closures will take place in 2024.[6] The first Best Buy Express location under this arrangement opened at the Guildford Town Centre in Surrey, British Columbia, on June 26, 2024, with all 167 renovated locations expected to open by the end of 2024.[7]
Products
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The Source stocks a wide array of products. Most of the products are consumer electronics, including Bell devices, Virgin Mobile devices, laptop computers, computer accessories, televisions and mounts, DVD players, Blu-ray players, soundbars and Bluetooth speakers, automated smart home devices (i.e. lightbulbs, thermostats, security cameras), printers and ink, clock radios, landline telephones, RC toys, gaming consoles and accessories, cables (such as HDMI, DVI, component, composite/RCA, VGA, USB A, C, Mini, etc.), Apple products and accessories, as well as a large selection of headphones including models by Bose, Sony, JBL and Skullcandy.
They also offer products for their Bell internet and Bell Fibe TV or Virgin Plus internet and TV services such as streaming devices, smart TVs and remotes, modems and range extenders.
The Source have at various times carried a number of (now discontinued) private brands including:
- Nexxtech, later renamed Vital - a range of general electronic items such as cables, home telephones and charging accessories
- Headrush - a range of personal audio devices such as headphones and Bluetooth speakers
- Gadgetree, a range of gift-oriented electronics such as Plasma balls and Lava Lamps
- Infinicell - a range of batteries including many button-cell varieties
- Xtreme Gaming - a range of PC and console gaming accessories such as mice, keyboards and controllers
- Bright - a range of smarthome devices that were cross-compatible with Globe Electric smart home products
- Fluid - a range of home entertainment devices including televisions and soundbars
- Kapsule - a range of cell phone and tablet accessories including screen protectors and cases
- Centrios - a range of electronic items like home audio, computer monitors and small televisions
References
- ^ Marina Strauss, "Circuit City's The Source to remain open Archived 2009-01-18 at the Wayback Machine", globeandmail.com, January 16, 2009
- ^ "Rogers turns to courts in attempt to block Glentel sale to BCE". The Globe and Mail. 17 December 2014. Retrieved 18 December 2014.
- ^ Simon Avery, "Bell Canada snaps up The Source Archived 2009-03-05 at the Wayback Machine", globeandmail.com, March 2, 2009
- ^ "Bell to acquire national electronics retailer The Source", March 2, 2009
- ^ Daley, Dean (2024-02-06). "Bell to close The Source headquarters, lay off employees following Best Buy Express rebrand". MobileSyrup. Retrieved 2024-02-09.
- ^ "Bell, Best Buy team up to rebrand and revamp The Source stores". The Globe and Mail. 2024-01-18. Retrieved 2024-01-18.
- ^ Toneguzzi, Mario (June 26, 2024). "Best Buy Express Opens 1st Store in Canada, Plans 167 Small-Format Locations". Retail Insider. Retrieved July 4, 2024.
External links
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