Zhang Jindong, president of Chinese electronics retailer Suning, has disclosed at a press meeting that Suning will open stores in Hong Kong in 2010 and use that as a springboard to enter the international market.
Suning currently has 650 stores in China. Zhang says the company will accelerate the opening of new stores from and will open at least 200 stores this year and try to be the top company in China's electronics retail industry in terms of sales and profit by 2010.
Zhang says he has inspected the Hong Kong market opportunities and believes that Suning already owns international management experience and the necessary talent for entering the international market. He adds that after Suning opens stores in Hong Kong in 2010, it will continue its international strategy and enter the home appliance retailing market of Europe and the United States.
Zhang also says that further acquisition is not the best way for his company's expansion, so Suning has not put acquisition into its plan for the coming three years.
Gome, a main competitor of Suning, opened its first store in Hong Kong in 2003. At present, Gome owns 16 stores in Hong Kong, taking up over 30% of the market there. American competitor Best Buy has opened only one store in mainland China and recently closed its sourcing office in Beijing.