21st Century Business Herald, 9/23/11
Wang Jian, global VP of U.S-based consumer electronics retailer Best Buy and CEO of Best Buy China subsidiary Five Star Appliance, recently announced that Five Star opened more than 20 new stores in the first eight months of 2011 and will open over 20 more in Q4 2011 to bring its total to more than 200. Five Star Appliance also unveiled a new logo and cartoon mascot.
Five Star currently has no plans to enter first-tier cities such as Beijing or Shanghai, according to Wang. Instead the company will first consolidate its existing presence in areas such as Zhejiang and Jiangsu provinces before moving into first-tier cities.
Best Buy will reopen its store in Shanghai's Xujiahui district by the end of the year, said Wang. Best Buy shuttered its nine mainland stores in February 2011, including its Shanghai retail headquarters.
Editor's Note: For more information on this topic, please see "Best Buy Consolidates China Business Under Five Star," MD 2/22/11 issue.