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BEIJING, Feb 25, 2011 - (ACN Newswire) - Chinaqualitycrafts.com (http://www.chinaqualitycrafts.com) latest report shows that US consumer electronics retailer Best Buy Co Inc has closed all nine outlets on the Chinese mainland, plus its regional retail headquarters in Shanghai.
The analyst from Chinaqualitycrafts.com said that it had been a very hard decision to make, but the company was confident of its business strategy. Best Buy would continue to serve Chinese consumers by further expanding Jiangsu Five Star to meet the growing demands from China's retail market. And as we all know that Five Star would open 40 to 50 new stores in the 2012 fiscal year.
Chinaqualitycrafts.com's analyst predicts that four of its stores, in Shanghai, Suzhou and Hangzhou, would reopen for a month from Feb 24 to March 24 to handle consumer claims for replacements or refunds. Best Buy would close its branded stores in China and Turkey as part of an effort to generate savings of up to 70 million U.S. dollars by the 2013 fiscal year.
In addition, Chinaqualitycrafts.com also points out that Best Buy took a controlling stake in Jiangsu Five Star in 2006 for about 180 million U.S. dollars and bought it out completely in 2008. Five Star is China's third largest electronics retailer with almost 170 stores.
Contact:
www.chinaqualitycrafts.com
Tel: +86-10-65569770
Email: my@chinaqualitycrafts.com
Topic: Research / Industry Report
Source: Chinaqualitycrafts.com
https://www.acnnewswire.com
From the Asia Corporate News Network
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