(That's hanghai)
Updated: 2007-02-12 10:31

In 2005, Best Buy, the world's largest retailer of consumer electronics and home office products (USD 31 billion in sales), ranked number 77 in the Fortune Top 500 companies. A year later, it placed second in Fortune's Global Most Admired Companies in the specialty retailer category, after Home Depot. Now, in 2007, with 20 years'experience in North America behind them, Best Buy reckons they are ready to take on China.

Lu Weimin, the company' chairman and general manager in China, explains: "China is the only place outside North America where we have the potential to grow as a company. We chose Shanghai because it is a fast-growing consumer marketplace."

To be exact, Lu chose to set up shop - 8,000 sqm on four floors - in the Feidiao International Building (Jangshan Building) in Xujiahui, the city's digital product hub. There, customers will be greeted by the 300-strong staff, all of whom underwent two months of intensive training in customer service and product knowledge prior to the December opening.

Best Buy's superstore concept is divided into several retail segments. Magnolia, on the second level, specializes in high-end audio and video home theater systems and accessories. The Gourmet Shop sells itself as a one-stop solution to kitchen problems. Aside from cooking and product demonstrations, it stocks large and small kitchen appliances by Miji, Fissler and Tiger. And the computer wing has a groovy proprietary brand dubbed the Geek Squad. This professional computer service team responds to hotline calls, and is capable of repairing 95 per cent of computer problems within 48 hours.

"Our core philosophy lies in giving a better service, better shopping environment, better product selection, better experience and better solution to the people," explains Lu. Which is all well and good, but with competition fierce around Xujiahui, Best Buy's guarantee of the lowest price with a warranty, as well as a handy 'return and exchange' policy is likely to be the clincher.

Best Buy
Address: Feidiao International Building, 1077 Zhaojiabang Lu
Tel:400 886 8800