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Best Buy plans re-entry
By Lu Nengneng |
September 23, 2011, Friday
|
Print Edition
Print Edition
BEST Buy, the largest electronics retailer in the United States, plans to re-launch its branded stores in China after closing all nine outlets in February.
"The first step is to reopen its Xujiahui flagship store in Shanghai later this year, probably in December," Wang Jian, vice president of Best Buy and CEO of Jiangsu Five Star Appliance, said at a press conference yesterday.
Five Star, a Nanjing-based home appliance retailer Best Buy bought for about US$180 million in 2005 and turned into a wholly-owned subsidiary in 2009, has a team which is preparing for the opening.
Wang said Five Star will incorporate local touches and designs into Best Buy's new stores that will have a new layout and enhanced services and product categories to create a shopping experience which will appeal more to Chinese consumers.
Wang is confident that Five Star's "full-fledged supplier network will help Best Buy to raise its voice in pricing."
Running 185 outlets in seven provincial areas, Five Star is one of the biggest regional sales channels in China for home appliance makers.
Five Star plans to open 40 to 50 new stores in the 2012 fiscal year. The expansion is slower than that of its rivals Gome and Suning.
"The industry is seeing increased competition, but we will remain cautious about speeding up (store) openings," Wang said.
"The first step is to reopen its Xujiahui flagship store in Shanghai later this year, probably in December," Wang Jian, vice president of Best Buy and CEO of Jiangsu Five Star Appliance, said at a press conference yesterday.
Five Star, a Nanjing-based home appliance retailer Best Buy bought for about US$180 million in 2005 and turned into a wholly-owned subsidiary in 2009, has a team which is preparing for the opening.
Wang said Five Star will incorporate local touches and designs into Best Buy's new stores that will have a new layout and enhanced services and product categories to create a shopping experience which will appeal more to Chinese consumers.
Wang is confident that Five Star's "full-fledged supplier network will help Best Buy to raise its voice in pricing."
Running 185 outlets in seven provincial areas, Five Star is one of the biggest regional sales channels in China for home appliance makers.
Five Star plans to open 40 to 50 new stores in the 2012 fiscal year. The expansion is slower than that of its rivals Gome and Suning.
"The industry is seeing increased competition, but we will remain cautious about speeding up (store) openings," Wang said.
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