China 3C Group has signed an agreement to provide products and services for Best Buy (BBY), which recently opened its largest store outside of North America in the Xujiahui shopping district of Shanghai.
The agreement is part of China 3C's strategic initiative to capitalize on the expansion of foreign players in the highly competitive retail market for gadgets and appliances in China.
Zhenggang Wang, CEO of China 3C Group, said, "Our agreement with Best Buy further increases our presence and recognition as a reliable distributor of quality merchandise. We are pleased to be selected as a supplier of electronic goods to Best Buy, a company recognized as one of the world's foremost consumer electronics retailers. We expect this yearlong agreement will have beneficial results."