German retailer Metro unveils China plans
The German retail group Metro said on Monday that it is to open its first Media Markt electronics outlet in China this year, and plans to operate about 100 there within five years.
The first store is set to open in Shanghai once Metro wraps up talks with suppliers, a statement said.
Media Markt and Saturn, another electronics retail chain owned by Metro, are its two most profitable units, and together hold around 50 percent of the German market.
But 60 percent of Metro's sales are made outside its home country, and it has been present in China for 14 years with its Cash&Carry stores.
The Media Markt venture will take on Taiwan Foxconn Technology Group as a partner with a 25-percent share.
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