Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Best Buy Opens First Store In China
Apr 5, 2006
 Printable format
 Email this Article
 Search

Electronics and appliances retailer Best Buy Company, Inc. will open its first Best Buy-branded store in Shanghai. The store will occupy four floors of the Jiang Shan Building in the Xu Jia Hui commercial area of Shanghai, the city's premier shopping district.

"With our first flagship store in Shanghai, we hope to enter the market in a way that enables us to learn about China's diverse consumers," said Al Lenzmeier, Best Buy's vice chairman. "Local business leaders, with keen customer insights, will be hired to manage the store. We believe that this venture will become an important part of our strategy to develop controlled growth opportunities internationally."

Consumer electronics sales in China are projected to be nearly U.S. $85 billion in 2006 and are forecast to grow in the double digits for the next decade. Best Buy already operates three sourcing offices in China, in in Shanghai, Beijing and Shenzhen, and has established relationships with manufacturers seeking broader distribution in both China and North America.

"We view a greenfielding strategy (growing by opening new stores) as an opportunity for profitable growth in this market," said Weimin Lu, chairman and general manager of Best Buy China. "As Best Buy learns more about serving the Chinese consumer, we also expect to consider strategic investments of a manageable size in China."

Best Buy will purchase approximately 8,000 square m (approximately 85,760 square feet) in the Jiang Shan Building.

Back to Daily News

 

Daily News

...........................................................

Sep 19, 2014: Builder confidence at highest level since Nov. 2005

Sep 19, 2014: Builders Show, Kitchen/Bath Show, and 3 other events converge for 2015 Design & Construction Week

Sep 19, 2014: GE Appliances supporting Susan G. Komen

Sep 18, 2014: AHRI at White House unveils $5 billion refrigerant R&D plan

Sep 18, 2014: Solar microinverter market could break $1 billion by 2018

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows