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Comet returns as online electrical marketplace 14 years after collapse
Comet returns as online electrical marketplace 14 years after collapse
A beloved high street retailer is making its comeback 14 years after going bust. Comet, which collapsed in 2012 due to severe financial losses, is being relaunched as an online marketplace selling electrical goods from thousands of retailers.
A beloved high street retailer is making its comeback 14 years after going bust. Comet, which collapsed in 2012 due to severe financial losses, is being relaunched as an online marketplace selling electrical goods from thousands of retailers.
Entrepreneur Cas Paton has bought the rights to the name and is bringing back the brand with over one million products available from 2,500 sellers. The 42-year-old stated he remembers visiting Comet's Trafford Park store in Manchester as a child with his late dad, Nigel, and being amazed by the technology on display.
'I remember being a very young boy and going into Comet and just being so excited by the potential of all this new technology,' he stated. 'Whether it was the TVs or the electronics, these were things you aspired to own.'
The relaunch will as well revive the retailer's familiar black and orange branding, rather than a later version of the logo which Paton believes lost its connection with customers. 'It was non-negotiable that we went live with the brand everyone actually remembered,' he stated.
'We wanted to try and bring that nostalgia of the brand and the history and the way it makes individuals feel into an online marketplace.' Comet was founded in 1933 and became one of Britain's best-known electrical retailers before entering liquidation in 2012.
Although the new business will initially operate online, Paton is exploring click-and-collect partnerships which could eventually see the Comet name return to high street buildings. 'I want Comet to be able to connect to stores again,' he stated. 'We're exploring a few options that might put Comet's name back on a few buildings.'
Comet will act as a marketplace rather than buying and selling its own stock, and every purchase will go to one of the retailers using the platform. Its website will as well sell products ranging from TVs and washing machines to mobile phones, computers and the latest gadgets.
'We're a friend of the retailers. We're here to attract customers, build trust and give customers choice,' Paton stated.
The entrepreneur has already invested £10million in the launch and believes the business could eventually be worth between £250million and £500million. Commenting on the increasing pressure households are facing with their budgets at the moment, Paton added: 'The market is really tough.
Money is really tight,' he stated. 'But individuals still need a kettle.
'If we can support individuals save money by bringing better choice from a reputable, long-standing brand that has nostalgia and trust, I think it's a great win.'
O.R.Lucchese--INP
