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Best Buy (BBY) has been eying international expansion for quite some time and, like many retailers looking to expand their global footprint, the consumer electronics giant spotted China as one of the best hopes for quick growth outside the U.S. But, instead of opening five to seven stores in China in 2010, the retailer now wants to double that to 10 to 15 stores.Best Buy cited the country's strong sales growth recently as a reason for wanting to expand its plans for stores in China. In addition to that, the retailer plans to open its first store in Europe in the Spring with plans for up to three more next Fall.
Moving back to China, the country's robust sales growth has been because of government subsidies on appliances in some of the country's second and third-tier cities. Certainly this is not the only reason Best Buy wants to double its expansion plans though, right? So far, the retailer only has eight stores in China using its own brand, but operates 167 stores under the Five Star brand as well. Its plans for 2010 include retail locations under both brands.
Will Wal-Mart (WMT) or Best Buy be able to conquer the consumer electronics market better in 2010 and beyond? Since both mega-retailers have large plans there, that's the next competitive playground for both of them. Whoever gets there in large numbers and builds the brand will win.
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