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Media Markt sets eyes in Pudong
By Feng Jianmin |
February 25, 2011, Friday
|
Print Edition
Print Edition
GERMAN retailer Metro AG will open its second consumer electrical appliance outlet in Shanghai's Pudong New Area tomorrow to tap the fast growing appliance market.
Metro is unfazed by news that United States-based Best Buy closed all its nine outlets in China on Tuesday.
"We are positive about the Chinese appliance market which is growing at the rate of 25 percent annually," Ton Wortel, CEO of Media Markt China, said. "We'll also deepen our localization to meet demand of residents."
The first Media Markt was opened in Shanghai last November after Metro AG, the world's third largest retailing group, and its Media-Saturn division set up a US$200 million joint venture with Taiwan's Foxconn Technology Group, the world's largest electronics contractor and main supplier of most of Apple's components.
"Sales and number of visitors were better than our expectations," Wortel said, without giving details.
Another 10 Media Markts are due to open in Shanghai over the next two years, followed by more than 100 outlets nationwide from 2013 to 2015, the company said.
Suning Appliance Co expects to add 370 stores nationwide this year to its existing 1,300, it said on Wednesday.
Gome Electrical Appliances Holdings Ltd said it will open over 400 stores this year to add to 1,400 it has now.
Metro is unfazed by news that United States-based Best Buy closed all its nine outlets in China on Tuesday.
"We are positive about the Chinese appliance market which is growing at the rate of 25 percent annually," Ton Wortel, CEO of Media Markt China, said. "We'll also deepen our localization to meet demand of residents."
The first Media Markt was opened in Shanghai last November after Metro AG, the world's third largest retailing group, and its Media-Saturn division set up a US$200 million joint venture with Taiwan's Foxconn Technology Group, the world's largest electronics contractor and main supplier of most of Apple's components.
"Sales and number of visitors were better than our expectations," Wortel said, without giving details.
Another 10 Media Markts are due to open in Shanghai over the next two years, followed by more than 100 outlets nationwide from 2013 to 2015, the company said.
Suning Appliance Co expects to add 370 stores nationwide this year to its existing 1,300, it said on Wednesday.
Gome Electrical Appliances Holdings Ltd said it will open over 400 stores this year to add to 1,400 it has now.
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