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The following article was published in our article directory on February 24, 2011.
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The Best Buy Declared Closed Existing Nine Stores

Article Category: Business

Author Name: Amanda xzh

To enter the Chinese market 5 years, always hard to escape from the present situation of soil disaffected "global consumer electronics retail giants best buy, yesterday announced it will close its 9 in mainland China, and close its stores located in Shanghai, and will be the retail headquarters in China's business business into its wholly owned subsidiaries the five-star electric brand.

"Close existing store is the company a phased strategic adjustment, about 100 best buy exit China speculation completely erroneous, company plans to open again after adjusting the two best buy store," best buy marcom relevant principals said yesterday. The reporter understands, before the end of the year, will have the two best buy store reopened business. The shut down 9 stores are mainly concentrated in Shanghai, suzhou and hangzhou, including Shanghai xujiahui shop for best buy self-owned stores, the industry is expected to best buy an ChongZhang two stores will include xujiahui shop.

Rehabilitation, best buy commitment on employees "N + 1 + 4" compensation. "N" refers to the year salary; work multiply "1" is liquidated damages, namely 1 months salary; "4" is another add 4 months salary amount of compensation. For such compensation scheme, many employees said they can accept, most staff has to agree and sign. In addition, best buy also says it will continue to perform the goods return and warranty service etc.

In announcing shut down the existing stores at the same time, best buy has to develop in China ready new way. Best buy Asia, said President TangSiJie strategic company in China will resume focused on "a nonprofit retail platform developers," future will vigorously develop subsidiary company the five-star electric, plans to open between fiscal year 2012 nearly 50 home the five-star electric outlets. Just yesterday afternoon, the five-star electric in nanjing held a press conference, a huge business echelon officially unveiled, the five-star electric, one of the founders of the Kenneth wang was appointed vice President of global best buy, the five-star electric CEO. "The five-star electric will enter new provinces. Besides self-built stores outside, do not eliminate through mergers and other home appliances chain stores the way to enter new area," said Kenneth wang, in addition to accelerate development speed outside, the five-star electric will be further optimized commodity structure, key expand 3C business model.

According to information, the five-star electric headquarters is located in nanjing, China is one of the former three appliance retailing in jiangsu, zhejiang, anhui, shandong and seven provinces have 168 chainstore sells. In 2006, best buy contributive 1.8 billion takeover of the five-star electric 75% shares. February 2009, best buy jan.30 1.85 billion dollars to swallow the five-star electric remaining 25% shares. Best buy acquisitions in China after the five-star electric, adopted dual brand operation mode: the five-star electric appliance retailer in accordance with domestic operating mode, to suppliers lease premises operation; Best buy home appliance retailer is taken abroad the operation mode, self buyout goods operation. However, the five-star electric development well, and best buy own-brand but haven't found the right profit model, seeks the variable is imperative.

S observation

Best buy hurt in management pattern

At present, the electric retail market basically has two kinds of business model, a represented by gome, su ning, sales field points to different electrical home appliances manufacturers, and by manufacturers stationed in store sales promotion, chain stores collecting rent and extracted from sales profit; as certain proportion Another kind of criterion with best buy, wal-mart is a delegate, enterprise through scale purchasing bought cheaply product and sell field with self-owned employees mark-ups sales, earn buying and selling price.

Best buy earn price difference model, represents the essence of retail industry. But, this kind of mode in China but gave no best-selling. "Best buy in Canada and the United States home appliance sells 70% share of market possession, but the Chinese market and north American market is different, the business environment is not so mature. Best buy actually have noticed the problem, so would purchase native home appliance sells the five-star electric, the five-star electric is walk su ning, gome pattern. But the best buy private brand shop always unwilling toned down, and could not find a new mode of Madison, and finally the fail." Appliance experts liu buchen says that because of best buy integrated supplier's ability without gome, SuNingJiang, cost and better than the competition is tall, so on price affirmation can't reflect advantage, "mode of trapped in the Chinese market cause its cannot obtain a big development."

Analysys business solutions to the senior consultants ChenCan said, best buy take oneself buy property, commodity sales staff, by oneself of pattern, up-front investment is bigger. In for greater business risk at the same time, it need more profits to support, the helpless, specializing in high-end brand is the best buy has been "join the price war" and "keep high-end image" between struggling.

Stranded on business model at the same time, best buy is also facing home appliance interlinks department stores around flanked. 2010 year end, city and traveling together million huaihai road opened in Shanghai city "million electric" flagship, adopt a long-term low price and the manager responsibility system business strategy, began offering out "the lowest" price butcher's knife and pledged to "within 15 days of the local market found lower prices, which can be directly back to the shop claim post". In addition, last December, Japan's largest electric retail ShangShan tian motor also foray into China market, claim to 2015 opened 15 stores in China.

Keywords: Rack Mount Ups Manufacturer, China Line Interactive UPS

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