March 18, 2009 / 4:14 PM / 11 years ago

UPDATE 1-Best Buy delays UK launch to Spring 2010

* Delay means benefiting from big falls in property prices

* Would delay again if not ready

(Adds quotes, detail)

LONDON, March 18 (Reuters) - Best Buy Co Inc (BBY.N) delayed its UK launch until Spring 2010 in part to take advantage of “enormous reductions” in property prices and said on Wednesday it would delay again if it was not ready.

“If we’re not ready in Spring ... we will not open,” Bob Willett, head of the company’s international unit, told the Retail Week conference here, while adding he was committed to bringing the world’s biggest electrical goods retailer to the UK.

Willett said Best Buy pushed back its original opening date from this summer in part because “the market started to fall away” and also to take advantage of sliding property prices.

“Economically, we’re in a much, much better position (by waiting),” he said.

Willett said his main concerns about coming to the UK were the maturity and competitiveness of the market and the fact Best Buy would be coming up against British supermarket operator Tesco Plc (TSCO.L). (Reporting by Mark Potter; Editing by David Holmes)

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