Moscow — Best Buy has registered its Future Shop trademark in Russia and is awaiting government approval of its Best Buy brand.
There may be a Future Shop in Russia’s future.
Reuters and information clearinghouse Russia-InfoCentre, citing reports in Russian business dailies Vedomosti and Kommersant, said Best Buy was granted trademark rights on the Future Shop brand by Russia’s patent agency Rospatent this month following a two-year wait.
Future Shop, Canada’s largest CE specialty chain, was acquired by Best Buy in 2001.
The retailer’s application for its flagship Best Buy brand is still under government review, the reports indicated.
Best Buy hasn’t announced plans to enter the Russian market, but has indicated that its growth strategy is heavily focused on international expansion amid store saturation and slowing demand in the United States.
To that end, the company has opened stores and acquired a retail chain in China; has announced plans to open its first stores in Mexico and Turkey; and has acquired a 50 percent interest in the retail operations of its U.K. partner Carphone Warehouse, which together plan to open Best Buy stores throughout Europe.