Best Buy said that it would open lab stores in China in the spring or summer of 2006 as the company views China as a very attractive retail market.
The lab stores will be opened and operated in such a way to accelerate learnings about the diverse consumers in China.
Best Buy officially opened its first international global procurement office in Shanghai in September of 2003.
Today, the company also operates sourcing offices in Beijing and Shenzhen. These offices help Best Buy reduce costs and increase speed to market by purchasing existing products straight from manufacturers.
The offices provide a more direct channel for Best Buy to provide feedback to manufacturers on new and existing products. The offices also provide an effective means for Best Buy to gather more comprehensive competitive and industry information to base business decisions.
The number, size or locations of these lab stores has not yet been announced.
The company views a greenfielding strategy (growing by opening new stores) as an opportunity for profitable growth in this market. As the company learns more about how to best serve the Chinese consumer, it also expects to consider strategic investments of a manageable size in China.
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