Best Buy expands in China

Chief executive officer of Best Buy International Bob Willett announced the expansion plan to open a large number of stores in China in the next five years and launch online sales in the next two years.  

Best Buy’s main competitors are GOME, with 600 stores nationwide, and Suning, with 400 nationwide. Best Buy owns a large percentage of Jiangsu Five Star Appliance Co, which currently has 159 stores. The expansion plan consist of opening 20 to 25 Five Star stores and five to eight self-branded stores by 2009 fiscal year. This will boost Best Buy for 100 percent ownership of Five Star by the end of 2010 as part of the purchase agreement.