The name Hi-Fi has been around a long time. The various sources I have consulted its origin lay in the early 50s. Beyond its technical meaning, it meant a sound and equipment quality. It is therefore not surprising that some companies have sought to associate this term over the years to connect their service.
is probably what has been thought center managers Hi-Fi when they chose their corporate name at the time. Unfortunately, technology has changed and the chain store has had to adjust its product mix. So we mainly sell audio and televisions 20 years ago is now found in digital cameras, camcorders, cell phones and computers. In short, while the audio component probably represented the bulk of the market before, we must admit that the video is now central dimension. Moreover, the trend shows no sign of easing in considering the rise of HD and 3D. The digitization of music (notably certain sizes and better compression techniques) now means that very few ears can question the 'loyalty' of the reproduction of original sound.
To complicate the lives of Centre Hi-Fi, they face fierce competition. The Best Buy, Future Shop (which have the same owner for that matter), Staples, Brault & Martineau and even Costco are all working in the electronics sector. Most offer more fun experience, larger premises and marks more visible. Centre Hi-Fi, however, is firmly established across the province. She has nearly 80 outlets and employs many of the best malls in the province. She does not have very large areas but close to other destinations the business is probably fine.
The concern for this company is that the younger segments, avid consumer electronics, feel less joined by string. As the banner ad above "prices", this leaves little room for updating the brand. Moreover, I even feel that the age of 30 believe that it is a recovery of the ubiquitous expression wi-fi!
Change of name is certainly expensive. We must replace the signs, labeling, stationery, etc.. We must review the established order, combat resistance to change and take risks. By updating and revising its name its product mix, the company could still send a strong signal and reinvigorate its brand and to ensure financial sustainability to its shareholders.
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