Best Buy expands China presence
Retailer plans "few hundred" new stores in the next 5-10 years
US electronics and videogame retailer Best Buy has stated its intention to steadily increase its presence in China over the next decade, with plans to add several hundred more stores in the country in that time.
According to ChinaKnowledge, citing China Daily, CEO Bob Willett also intends to expand its wholly-owned Five Star Appliance brand in the country, a store chain which already includes 170 outlets across China.
Best Buy will open between seven and twelve stores this year, and will consolidate its presence in Shanghai before moving on to other cities.
The retailer yesterday announced plans to expand its own-brand range of electronics goods, while it's also in the middle of a USD 10 week-long sale of selected next-gen titles.
Best Buy's share price closed yesterday down 2.55 per cent at USD 38.27.