Comet, which is owned by Kesa Electricals and operates more than 250 stores in the UK, has approached several agencies to come up with a fresh creative approach.
The review follows significant brand repositioning exercises by several of Comet's big competitors, including DSG International's PC World. It also comes ahead of the entry into the UK market of US electronics retailer Best Buy.
Comet's most recent financial report showed a decline in annual sales from £1.73bn to £1.66bn in the year to April 2009, with retail profits dropping from £44.2m to £10.1m in the same period.
In contrast to its rivals, Comet's most recent TV advertising has focused largely on price, using the strapline 'We deal in your ideal'.
The company is understood to have planned an overhaul of its brand identity, which will be unveiled in the coming months. A spokeswoman said that there were no plans to change the brand logo. Saatchi & Saatchi has been shortlisted to repitch for the account.
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