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Metro speeds store expansion
By Lu Nengneng |
September 27, 2011, Tuesday
|
Print Edition
Print Edition
GERMAN retailer Metro is set to speed up the opening of new stores in China in line with the aggressive expansion of competitors.
Media Markt, the joint venture established by Metro and its Media-Saturn division with Taiwan's Foxconn Technology, plans to unveil its fourth outlet in Shanghai's Qibao Town on Thursday, and to launch another three stores in the city this year.
The new shop is 6,700 square meters. The company's flagship store on Huaihai Road M. is 13,000 square meters. After making its debut on Shanghai's bustling shopping street in November, the retailer has been extending its presence in the city in the form of community-level stores. It opened a second outlet in Pudong New Area and a third in Baoshan District earlier this year.
Frank Bussalb, chief executive of Media Markt China, said: "The sales and number of customers at the current outlets are above our expectations, which shows the competitiveness of our prices and shopping experience. We will probably expand beyond Shanghai in the second half of next year."
But he admitted it is increasingly difficult to obtain a good property lease contract as competition is intense among home appliance retailers.
Media Markt, the joint venture established by Metro and its Media-Saturn division with Taiwan's Foxconn Technology, plans to unveil its fourth outlet in Shanghai's Qibao Town on Thursday, and to launch another three stores in the city this year.
The new shop is 6,700 square meters. The company's flagship store on Huaihai Road M. is 13,000 square meters. After making its debut on Shanghai's bustling shopping street in November, the retailer has been extending its presence in the city in the form of community-level stores. It opened a second outlet in Pudong New Area and a third in Baoshan District earlier this year.
Frank Bussalb, chief executive of Media Markt China, said: "The sales and number of customers at the current outlets are above our expectations, which shows the competitiveness of our prices and shopping experience. We will probably expand beyond Shanghai in the second half of next year."
But he admitted it is increasingly difficult to obtain a good property lease contract as competition is intense among home appliance retailers.
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