Best Buy (BBY), one of the largest consumer electronics retailers in North America, will speed up its expansion in China.
Robert Willett, chief executive of Best Buy International, has told local media that Best Buy aims to have its Shanghai stores rank among the top 50 stores on a global basis in terms of business revenue within a year. And in order to increase its sales and profit, Best Buy will open an additional 203 self-owned stores in China in the coming 12 to 18 months, and have its affiliate Five Star Electronics expand further to the second and third tier cities.
Willett said that by the end of the 2008 fiscal year, Best Buy will have a total retail space of more than five million square feet in China, in comparison to the estimated 4.6 million square feet at the end of this year.
In order to speed up its expansion in the China market, Best Buy has restructured its management team in China. The company has appointed a new president and chief operation officer for the Asia region, responsible for Best Buy's operation in the area, including that of Best Buy China and Five Star.
