According to reports, the Source, formerly known as Radio shack, is on the verge of transforming its stores into electronic playgrounds in an effort to boost sales as the consumer technology industry faces pressure on multiple fronts, including big-box retailers and the ease of online shopping.
The company is renewing its stores with more modern elegance. It is setting up exciting and playful displays to enable clients connect their smartphones into headphones and speakers so they can test the sound with music they enjoy rather than a store-selected soundtrack, stated Charles Brown president of the Source.
The first store launched by the company was opened in the York dale Shopping Center in Toronto in 2015 aiming to open more than 550 stores by the end of the year.
“The reality, said Brown, is that the Source needs to adapt to a world where consumer electronics are no longer found exclusively at specialty outlets – they can be bought at convenience stores, gas stations and other retail pit stops, not to mention online. Retail now, there’s just so much disruption.”
According to estimates by IBISWorld, consumer electronics industry in the Canadian Revenue has declined up to 1.2 per cent ratings over the past five years.
“The market-research firm project will continue to fall between 2017 and 2022 at an annualized rate of 0.8 per cent,” the Post said.
These drops are caused by people purchasing electronics from Amazon, eBay, and mass merchants like Costo, according to a recent report by the firm.
Brown, who has headed the Source for six years now said that it was pretty obvious to transform the company in order to remain competitive.
“Standing still means you’re just going to be another Zombie retailer, you’re just walking dead…. And it’s just a matter of when your clock’s going to run out,” said Brown.