Best Buy Executives To China’s Expansion “stall” Defense
Best Buy executives said: We came to China to take root here, and not with the nature and to, which allows us to study Chinese consumers must. Like shooting sports, target actions take a long time to ensure that deviate from the bull’s-eye. Our goal is very clear.
Willett said the move aimed to spend a long time to ensure that deviate from the bull’s-eye.
Best Buy Shanghai store’s opening has caused commercial “spy” race to the visit of the “grand occasion.” However, six months later, it is the fear of competitors had evolved into “international giants lost China” question. So far, foreign home appliance retailers, “predators” out in China, only a store’s own brand, expanding significantly, “stall.”
However, Best Buy International chief executive RobertA? Willett, the “target before shooting,” the time is clearly worth the price. Best Buy Chinese strategy as the “defenders”, the Best Buy responsible for international operations, said in a recent visit to China, Best Buy confirmed that once the current business models in China are Liu Qicheng grasp is correct, it will be the beginning of large-scale expansion.
the first year of “marriage” success
Reporter: Best Buy, Five Star has been cooperation with the first anniversary, how to evaluate the effect of co-operation?
Willett: We can say that the first year of the “marriage” was very successful. Judging from the financial statements, the performance of this success for the joint venture over the past year, the Five Star management are given extraordinary upgrade. Enterprises of the two values and corporate culture are very similar.
Reporter: But, whether or Best Buy, Five Star, the number of own-brand stores over the past year are not much development.
Willett: determine a company’s good or bad in a market, not the financial statements, nor is it determined by the number of stores, but by the majority of customer needs, the value of our employees performance. Chinese stores in our survey, over 62% of the customer to another or multiple buyers, consumers and the overall employee satisfaction has maintained a high standard.
Reporter: So you think the Best Buy in China’s performance is satisfactory?
Willett: Yes, we understand the Chinese so-called “tree does not make a forest”, but Best Buy’s performance in China this year have been much higher than most people expected. We also can not disclose more detailed financial data, however, can be said that Shanghai is a Best Buy store in the world out of one of the most successful stores.
“up shop is not a game”
Reporter: Best Buy what the future expansion plans, it will continue for a “cautious” approach?
Willett: In the next 18 months, we plan to open eight more stores. I want to emphasize that the shop is not a game. In North America, we can open more than 100 stores a year, but in China, we are now interested in a “cautious.” Constantly listening to customer needs and feelings, I believe we will be ranked first in China’s service providers.
Reporter: But it will lose some market opportunities? Best Buy also need to prepare for how long?
Willett: As an example, Best Buy entered the Canadian market, market share is zero; five years later, only 10%; acquisition of local firms, brings 20% of the market. The same thing will happen in China.
We come to China to take root here, and not with the nature of the to, which makes us have to study Chinese consumers.
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