The electronics and home appliances retailer Media Markt has announced the opening of a Qibao store, its fourth store in Shanghai.
Frank Bussalb, Media Markt's newly appointed chief executive officer for China, revealed to local media that the company has signed three other contracts for new stores, which will all be launched before the end of 2011.
Located at Shunheng International Commercial Plaza, Media Markt's Qibao store has three operating floors, with a ground area of nearly 8,500 square meters and 150 employees.
Unlike its three other stores in Shanghai, Media Markt's Qibao store placed computer, communication, and consumer products on the third floor instead of the first floor. It also decreases the area for traditional home appliances, including refrigerators, washing machines and air conditioners and increases the area for lifestyle home appliances. In addition, it created a 200-square-meter new area for seasonal goods on the second floor.
Bussalb said Media Markt's most distinctive feature is that it continuous to make changes for localization.
Media Markt is a joint venture invested by Germany's Metro Group and China's Foxconn. It entered the Chinese market in November 2010 with its first flagship store opened on Huaihai Road, Shanghai. The company then opened two additional stores in the city in February and June 2011. According to its plan, it will have at least ten stores in Shanghai by 2012.