Best Buy to open a store in China

Best Buy to open a store in China

Best Buy Co. is collaborating with Chinese company Jiangsu Five Star Appliance Co. and they would now be opening their first outlet in the country.

Jiangsu Five Star Appliance is the China’s No. 4 appliance and consumer electronics retailer and they would help Best Buy open a store in Shanghai’s busy Xujiahui shopping district.

Robert Willett, chief executive officer of Best Buy International said in a statement on this development: “We will open the first store hopefully toward the end of the year by December. But we’re only going to open when it’s right. This is not a race.”

The company had earlier announced in May that they were paying $180 million for a majority stake in Jiangsu Five Star. That deal gave them an immediate presence in one of the fastest growing markets in the Asian region.