Best Buy: no expansion in China

MINNEAPOLIS A senior official of Best Buy China has dispelled rumors that the company will soon open retail stores in Beijing and Guangzhou.

"At present, we don't have expansion plans in any Chinese cities other than Shanghai, where we will open two to three retail stores over the next 12 to 18 months," Phil Zhang, senior communication specialist at Best Buy said.

Local sources said that Suning and Gome have been keeping a close watch on Best Buy's development, a possible reason for Best Buy's reluctance to release detailed expansion plans.

Best Buy China currently has over 200 staff in its Shanghai head office, with 300 employees at its flagship store.

Zhang said that the Chinese flagship store has become one of the top 50 biggest stores among the company's flagship stores worldwide by sales revenue.