Best Buy Exiting China Market

Consumer electronics retailer Best Buy is closing its retail headquarters in Shanghai, along with nine of its stores in the country.

The U.S.-based retailer says it plans to focus on expanding its wholly-owned stores, operated under the name Five Star Appliance, to consolidate its business operations in the country. The company expects to open 40 to 50 stores before 2013, raising the number of Five Star outlets to 200 or more.

“While the decision to close the stores was difficult for management, moving forward, we are confident about our business strategy and remain committed to China, as demonstrated by the accelerated development of Five Star,” Kal Patel, president of Best Buy Asia, told Asia One News.