Metro teams up with Foxconn in electronics retailing

08:59, November 19, 2010      

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On the busy Shanghainese street of Huaihai, Media Markt, jointly opened by Media-Saturn, under the world's third-largest retailer Metro Group, and Taiwanese technology giant Foxconn inaugurated Wednesday their first flagship store.

With a range of demonstrative products all at lower prices,and an innovative store design, Media Markt primarily hopes to gain a competitive edge in the "Paris of the East."

"Customers, regardless of economical class, are now able to find their favorite products at Media Markt," said Sun Liang, the store manager. The company also aims to open more than 100 stores in China by 2015. Sun said that the company's short-term goal is to open 10 to 12 stores in Shanghai by 2012.

The jointly-set store's shares are held on a proportion of 75 percent to Metro and the rest by Foxconn.

Wednesday's establishment marks the first time for Media Markt to open such a store in Asia. Roland Weise, CEO of Media-Saturn Holding, said that China is one of the fastest growing consuming electronics markets globally, and the rapid growth of the purchasing power of Chineseconsumers provides a good opportunity for Media Markt.

But analysts doubt that the venturer will be able to shake the dominance in the area had by Gome Electrical Appliances Holdings and Suning Appliance, let alone change the structure of the electronics retail industry.

As to Suning's reactions, the company exemplified global retail giant Bestbuy, who entered China in early 2006, but until now, hasn't altered the course of the industry much. Gome's representatives said that after years of development, Gome and Suning have already finished distribution in first-tier cities, and that it will be hard for outsiders to grasp on big bites.

Source: Global Times


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