No timetable for Best Buy's return to China as store reopening plan stalls

by ous09032ds on 2012-02-06 14:59:20

Our reporter Xin Yu (reporter Liu Xin Yu) - The largest American electronics retailer Best Buy has gone back on its word to reopen stores after closing all of its stores in China. Yesterday, our reporter learned from relevant sources that Best Buy's plan to reopen a store in Xuhui, Shanghai has been shelved, and there is still no specific timetable for Best Buy to reopen its stores. In February last year, Best Buy, which had faced constant doubts during its 5 years in mainland China, finally decided to close its 9 Best Buy stores in mainland China and also shut down its retail headquarters in Shanghai. However, Best Buy was unwilling to interpret this as "withdrawal from China". In its official statement, Best Buy emphasized "it is expected that 2 retail stores will reopen at an appropriate time this year (2011)." In September last year, Wang Jian, the global vice president of Best Buy and CEO of Five Star电器, announced in Nanjing that Best Buy (China) would reopen a store in Xuhui, Shanghai by the end of 2011. This event marked Best Buy's return to the Chinese market. But until today, there is still no news about the reopening of Best Buy stores. Jing Xing, vice president of Five Star电器, also refused to give too much detail in an interview with our reporter yesterday, saying "we will choose to announce it at the right time." Reports suggest that Wang Jian recently went to the US to discuss the company's China plans with senior management, including the plan for the Best Buy brand to return to China. On the other hand, there have been reports of high-level departures at Best Buy's subsidiary Five Star电器. Xu Xiaoming, vice president of Five Star电器, has confirmed his resignation. Xu Xiaoming, who has served in Five Star电器 for over a decade, held the position of general manager of the third major region and concurrently served as president assistant of the group. Jing Xing stated that his departure was entirely due to "personal choice" and was a "normal personnel change", but refused to disclose Xu Xiaoming's specific next move. It is understood that after Best Buy closed all its stores in mainland China, Five Star took on the main task of expanding Best Buy's presence in China. Last year, Five Star announced its goal of opening 40 new stores, which has now been achieved. Jing Xing revealed that the new round of expansion plans for this year have been finalized, but he was "unwilling to disclose" the details.