Future Shop was purchased for over C$500 million by Best Buy on November 4, 2001. The company was renamed Best Buy Canada Ltd.—a wholly owned subsidiary of its American parent. They have continued to operate Future Shop as a separate division, with most locations under their original name. Most new stores opened up by Best Buy Canada are Best Buys, mainly big box and power centre developments in the suburbs. However, a few Future Shops are still being added, mostly recently at urban locations at Empress Walk and Dundas Square; the latter location is down the street from an existing Best Buy at Toronto Eaton Centre.

• Computer hardware, software and accessories
• Major appliances and small household appliances
• Stereo and portable audio equipment and accessories
• Car audio and other such electronics
• Televisions, VCRs, DVD players and other home theatre equipment
• Digital cameras and accessories, video cameras, and digital photofinishing under the name FuturePhoto
• PDAs, cellular phones and other portable electronic devices
• CDs and DVDs
• Gaming console and portable systems and games

In 1998, Future Shop purchased the Canadian division of Computer City from CompUSA, which was only three months after the Computer City chain had been merged into CompUSA and either converted to CompUSA or closed and liquidated. During the next year, two of the Computer City retail stores had been liquidated due to poor sales.

By the end of 1998, the U.S. locations of Future Shop were performing badly, with $53 million dollars in losses over the last few years, and Future Shop projected another $30 million in losses would occur by the end of the next year. After major losses in sales, in March 1999, the company announced that it would close U.S. operations, holding liquidation sales and closing down for good in the summer. The closures left Future Shop with 81 stores across Canada. Many of the former stores ended up converting to one of its major U.S. competitors, Best Buy.

In 2000, Future Shop had owned 83 Future Shop stores and five Computer City stores. In June 2000, Future Shop announced plans to open flagship stores in downtown Vancouver, Toronto, and Montreal.

In February 2001, Future Shop announced that the company would close and liquidated the five remaining Computer City stores due to poor sales. At the same time, Future Shop also attempted to acquire Chapters, a chain of book stores in Canada, but failed to come up with a reasonable offer for Chapters.