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Tuesday, 22 February 2011

Makes perfect sense... Trust in China is paramount. Best Buy Shuts China Stores to Focus on More Profitable Brand - Bloomberg

Best Buy Shuts China Stores to Focus on More Profitable Brand - Bloomberg:

Makes perfect sense... Trust in China is paramount.

"Best Buy Co., the world’s largest consumer electronics retailer, will close all of its nine Best Buy branded stores in China to focus on expanding the more profitable domestic chain it acquired five years ago.

“Store openings will be focused primarily on the profitable growth platforms of its Best Buy Mobile business in the United States and its Five Star business in China,” it said in a statement distributed by Business Wire today.

Best Buy will open 40 to 50 of its Five Star branded stores as it competes against Gome Electrical Appliances Holding Ltd. and Suning Appliance Co. in the world’s most populous nation, where retail sales grew by a monthly average of 18.4 percent last year. The Richfield, Minnesota-based retailer also plans to almost double its Best Buy Mobile stores in the U.S."

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