Learn mandarin - Best Buy to add up to 10 stores in China in 18 months

BIZCHINA / Overseas Investment

Best Buy to add up to 10 stores in China in 18 months

(Bloomberg)
Updated: 2007-06-21 14:22

Best Buy Co, the largest US consumer-electronics chain, said it plans to
add as many as 10 stores in China in the next 18 months, seeking to
counter slowing sales at home.

"We invest in China for the millennium," said Robert Willett, chief
executive of the company's international division, at a briefing in
Shanghai today. The new sites will be located in and around Shanghai, he
said.

Related readings:
Best Buy sets up flagship in Shanghai
China's retail sales accelerate on rising incomes
Metro focuses on top cities
M&As to rise in retail sector

Best Buy last June bought control of Jiangsu Five Star Appliance Co,
China's fourth-largest electronics retailer, for $180 million. The costs
of the acquisition helped contribute to its lower-than-expected
first-quarter earnings and smallest sales growth in three quarters. The
Richfield, Minneapolis-based retailer opened its first own-branded China
store in Shanghai in January.

China's retail sales may grow by about 14 percent this year, the Ministry
of Commerce said in a research report released early this month. Retail
sales increased 13.7 percent in 2006.

(For more biz stories, please visit Industry Updates)

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