Foxconn retail joint venture in China to start operations at end of 2010 Tweet

Media Markt, a joint venture retail chain established in China by the Taiwan-based Foxconn Group and Germany-based Metro Group (the largest consumer electronics retailer in Germany), will open its first store in Shanghai at the end of 2010. The companies plan to open 10-11 more stores in the area in 2011, and set up a network of about 200 chain stores in major cities around China in three to five years, according to Foxconn.

Foxconn and Metro signed an MOU in late 2009 to set up the joint venture with stake ratios of 25% and 75%, respectively, Foxconn indicated.

This is part of Foxconn's efforts to set up retail channels in the China market, the group indicated. Foxconn has invested in Cybermart, an IT retail chain with 34 outlets around China currently, and has set up a shop inside each of 91 hypermarkets, such as Carrefour, in China, the group pointed out. In addition, Foxconn will offer operating know-how and financial support to help its China factories' senior employees individually run small chain stores in their home towns, with Foxconn to set up the chain and be responsible for central administration including procurement.

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