Metro to open Media Markt in China with 100 stores expected in 2015

German retailer Metro Group will open its first consumer electronic shop in Shanghai on Nov. 17 as the Chinese mainland's consumer goods market is expected to reach 180 billion euros in 2020.

Metro teamed up with Foxconn International in a 200-million-U.S. dollars joint venture to bring Media Markt to China, with Foxconn owning 25 percent of the joint venture, said Eckhard Cordes, chief executive officer of Metro Group.

Metro plans to open 10 stores in Shanghai by 2012 and 100 stores throughout China by 2015, said Cordes.

Cordes said Metro did not plan on expanding its presence by acquisition of Chinese stores, though he did not rule out the possibility.

The Chinese mainland's consumer goods market was 90 billion euros in 2010 and is expected to grow by 8 percent annually, reaching 180 billion euros by 2020, said Cordes.

Metro is the world's third-largest retailer after France's Carrefour and U.S. giant Wal-Mart.

Source: Xinhua