Five Stars Transforms Promptly: Transforming 3C Consumer Electronics

On the afternoon of September 22, appliance retail chain company Five Star Electric announced the opening of the new LOGO and the new cartoon endorsement image.

“From the beginning of February this year, Five Stars became the most important competitive stage for Best Buy in the Chinese market, and began to transform its role as a leader in 3C consumer electronics products. The 'face change' was just a change, more sales channels, The innovation of sales model will be gradually realized in the future.” said Wang Jian, the vice president of Best Buy and CEO of Five Star Electric.

Five Star plans to open another 40-50 stores this year, bringing the total number of stores to more than 200. According to Wang Jian, from January to August, Five Star has opened more than 20 stores and will open more than 20 stores in the fourth quarter. "This year will be the year after Five Star has been acquired by Best Buy and opened its new store."

Will Wuxing Electric enter Shanghai, Beijing and other first-tier cities? “Not yet.” said Wang Jian. “We must first consolidate the existing areas, intensively, and be ready to enter the first-tier cities.”

However, Wang Jian revealed that by the end of this year, Best Buy Shanghai Xujiahui Store will reopen its doors. After February 22 this year, Best Buy closed its nine retail stores in mainland China and its retail headquarters in Jinqiao, Pudong, Shanghai. Best Buy’s move was widely interpreted by the media as “the defeat of China,” but Best Buy insisted that it was only one of their strategic adjustments.

In the first half of this year, Suning already owned 1,488 chain stores. During the “11” Golden Week, Suning opened 49 new stores in the country and reinstalled 54 stores. Wang Jian said at a press conference that although competitors are “expanding their scale, squeezing the land, and becoming the boss”, Five Stars has focused its attention on serving the consumers. "In the past two years, our sales have seen double-digit growth. Our shareholder returns have reached 75% and 43% respectively." Prior to this, Wang Jian said.