U.S. home-appliance seller Best Buy wants to open its first Beijing store on a site that will soon be vacated by Swedish furniture retailer Ikea, Beijing Business Today reported.
Citing an unnamed Best Buy official in Beijing, the newspaper said Ikea's current location is the U.S. firm's first choice to rent, with the proposed store to sell home appliances, mobile phones and digital products.
According to the newspaper, Ikea will move to a new site after the leasing contract for its current site in Madian, a prosperous business district in the north of Beijing, ends in April next year.
The newspaper said Ikea's current 15,000 square meter site in Beijing is popular with domestic home appliance retailers, including Suning Appliance Chain Store Co Ltd and Dazhong Electric also vying for the site.
Earlier domestic media reports said Best Buy has set up its Asia-Pacific headquarters in Shanghai. (AFX, Forbes.com)
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