Very few retailers have transformed the face of the industry twice within a generation, but Charles Dunstone can claim that honour – and he’s still only 43.

The creation of Carphone Warehouse in 1989 guaranteed him a place in the retail history books. The business caught the spirit of the age and showed enviable entrepreneurial foresight. He hasn’t stood still since and the foundations that the business was built upon – especially service standards – have continued to sustain it.

Today’s joint venture with US powerhouse Best Buy could be another landmark moment.

Established electricals retailers in the UK and Europe should – once they’ve finished quaking in their boots – act immediately to change their businesses ahead of next year’s opening of the first Best Buy stores this side of the pond.

Best Buy has shown itself to be a past master of listening to consumers and adapting to their needs. Its scale and expertise, combined with the shopper appeal of Dunstone’s modern, customer-friendly and independent-minded way of doing business will be a formidable combination.

Both retailers offer real added value, giving shoppers a reason to use them and that's why they are such a threat.

At most risk from the deal is DSGi, which new boss John Browett has been charged with turning around. He had enough on his plate already and will be under scrutiny next week when he details his strategic review. He’s probably revisiting his plans in the light of today’s transaction.

For some time, DSGi has held the ambition of being the European Best Buy. That hope must be all but dashed, because the real Best Buy is on its way.

There hasn’t been much good news out of the retail sector this year, but the Carphone-Best Buy tie-up is genuinely exciting.

If it works – and there’s no reason to suppose it shouldn’t – it will potentially change the face of electricals retailing in Europe. It represents a different style of retailing, genuinely centred on guiding consumers through the complexities of the digital age, from which many store bosses could learn.

Once again, Dunstone has shaken up retailing and shown the entrepreneurial flair that creates step-changes in the market.