ONOFF Stores Acquired
JULY 20, 2011 • Thirty of the 67 locations of bankrupt Swedish electronics retailer ONOFF are being acquired by the Norwegian competitor Expert International GmbH. The latter has a 9% market share currently, which will then increase to 12%-13% following the acquisition.
Impact: ONOFF has been around since 1982 but the Swedish home electronics market has been brutal in recent years. Stiff competition, declining product prices, and lower margins ended up squeezing ONOFF out. Expert, being a larger regional player, will be well suited to ride out the further consolidation that is bound to occur as European competitors such as the huge German Media Markt chain opens more stores in Sweden.