Metro, Foxconn to Open 1st Shanghai Store in October

Netease Tech, 5/21/10

German wholesale retailer Metro Group announced in Shanghai today that it plans to open the first location of its Media Markt line of electronics retail stores in Shanghai this October. Metro and Taiwanese electronics manufacturer Foxconn (2038.HK; 2354.TW) will partner on the stores, establishing a joint venture company with a total investment of USD 200 mln, with a goal of opening ten stores in the Shanghai area by 2012, after which the company will expand nationwide, with at least 100 stores to open throughout China by 2015.

Metro Group will hold 75% of Media Markt, and Foxconn will hold 25%.

Media Markt has already begun recruiting staff for its first store in China. The 500 available positions include sales department management, marketing coordinators, and sales staff.

Editor's Note: For more background on this topic, please see "Metro, Foxconn Partner on Electronics Stores," MD 1/06/10 issue.

Keywords: consumer electronics home appliances HR hardware retail Foxconn Shanghai 2038.HK 2354.TW Media Markt Metro Group JV

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