Global consumer electronics retailer Best Buy Co Inc on Friday said it plans to expand its presence in China by opening 10 to 15 new stores across the country next year because of the strong sales growth in China, sources reported.
Best Buy International CEO Robert A. Willett said China's retail sales this year saw rapid growth, especially in the second- and third-tier cities, thanks to the government's home appliance subsidy program.  

In October, Wei Huazhen, procurement director of Best Buy Asia-Pacific, said Best Buy has set up its own business model in China by providing services different from its rivals.

In the third quarter of this year, Best Buy achieved a 30% increase in sales revenue, pushing the growth in the first nine months up to 10%. Jiangsu Five Star Appliance Co Ltd, a wholly-owned subsidiary of Best Buy, also recorded a 10% growth in the Jan.-Sep. period, said Wei.

The company currently owns five standard stores and one lifestyle store in Shanghai. 

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