China's Best Buy

Best Buy is going to open its first store in Shanghai China and is said to be recruiting 500 people to work the first store. Best Buy hopes to open the store by the end of the year covering 4 floors of the Jiang Shan Building in the Xu Jia Hui commercial district, though top executives were quick to point out that there are not in a race and the store will open when the time is right. There has been speculation of Best Buy trying to buy out some local companies that could pose as future competion. In May Best Buy announced they would pay $180 million for a majority stake in the Jiangsu Five Star Appliance Co., which just happens to be one of the top five electronic appliance retailers China.

Robert Willett, chief executive officer of a Best Buy said that they are taking there time with the Chinese market becuase "The Chinese consumer is pretty unforgiving if we get it wrong."He's definitely right about that.