Retailer Best Buy plans to open a second Shanghai outlet as part of its expansion in China.
Robert Willett, president of Best Buy International, said the group will open a second Best Buy store in Shanghai in the coming year if it can find a suitable site. He said the company's first store in Shanghai's downtown Xujiahui area, which opened earlier this year, had been successful enough to warrant a second outlet in the city.
Best Buy acquired Jiangsu Five Star Appliance Co Ltd in 2006 at a cost of US$180 million to set up a joint venture. It holds a 51% stake in the venture. It plans to open 23 to 25 Five Star outlets in cities around Shanghai next year, and to co-develop a new type of Five Star store. (China Daily)