Retailer Best Buy said it will increase its expansion in China but would not grow through partnerships with local rivals. Best Buy will invest substantially and open a large number of stores in China in the next five years, and will launch online sales in the country in the next 24 months, said Bob Willett, CEO of Buy International.
The new stores planned in China include 20 to 25 Five Star stores and five to eight self-branded stores. All new Best Buy-branded stores will be based in or around Shanghai, where the company opened its first and only such store in China in early 2007.
Best Buy is also looking to expand into new markets such as India, but has no concrete plans yet, Willett said.
Under the plan disclosed last week, Best Buy will add 90 to 110 stores in the United States, and 38 to 49 stores in overseas markets including China, Canada and Mexico in fiscal year 2009. (AP)