Best Buy to expand presence across China

Nov. 4, 2009 (China Knowledge) - Global consumer electronics retailer Best Buy Co Inc is planning to step out of Shanghai and expand its presence in China, sources reported.

The U.S.-based retailer aims to open four or five stores across the country next year, a senior executive from Best Buy China said, without disclosing the locations for the new stores.

Best Buy has set up its own business model in China by providing services different from its rivals, said Wei Huazhen, procurement director for Best Buy Asia-Pacific operation.

In the third quarter of the year, Best Buy achieved a 30% growth, pushing the growth in the first nine months up to 10%. Jiangsu Five Star Appliance Co Ltd stores, a wholly-owned subsidiary of Best Buy, also recorded a 10% growth in the Jan. - Sep. period, said the procurement director.

In April, Best Buy International CEO Bob Willett said the company aimed to open several hundred of new outlets in China in the next five to 10 years, China Knowledge reported earlier.

The company currently owns five standard stores and one lifestyle store in Shanghai.