Arrived in 2003, it is with regret that Best Buy announced the closing of nine stores throughout China. According to Kal Patel, Asia’s Best Buy President, this action would result from a strategic decision. Its activities will be merged with its subsidiary Five Star Appliance, 3rd distributor of electronic products with 170 stores in China. Indeed, Five Star Appliance was bought in 2008 for approximately 360 million euro following its acquisition of a stake of 180 million euro in 2006. The group hopes to refocus its strategy of retailing through the development of Five Star Appliance, they planned to open 40 to 50 stores by 2013. Too bad for Best Buy because it was one of the only western style retailer of electronics and appliances, clean and organized shelves where bargaining was banned, a trusted brand.
The Chinese headquarter of Five Star Appliance is located in Nanjing (Jiangsu), a small, warm and simple city which I really love ;).
source : xinhua
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