Thursday, March 06, 2008

Best Buy closes Beijing office

Best Buy Co, the world's largest electronics chain store operator has closed its Beijing office last Friday as it has no plan to open stores there in the near future.

As an outcome of the shutdown, it could help to promote efficiency and reduce cost as the office was merely in charge of purchasing, Best Buy China senior public relations official Zhang Zhengyi told reporters, adding that the move was temporary and had no connection with recent aggressive expansions by big rivals Gome<493> and Suning<002024>.

Besides the acquisition of Chinese electronics retailer Five Star, Best Buy has just opened one store in Shanghai since 2003 when it first tapped into China market.

The company's focusing on quality products and services rather than expansion speed, Zhang said, and it plans to open 5 to 8 outlets in China next year.

Its second store in Shanghai near Zhongshan Park is under preparation and is expected to open within the year.

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