Waffling worse than Sarah Palin’s 2012 presidential campaign, Best Buy has reportedly decided to shelve plans to reopen two stores in Shanghai, according to an insider.
Previously, subsidiary Five Star Electronics’ CEO Wang Jian had announced Best Buy’s intentions to reopen its flagship store in Shanghai’s Xujiahui by as soon as December of this year — seemingly reversing its February withdrawal from the China market. This new announcement from inside the ranks of Five Star Electronics now makes Best Buy’s decision a reverse of a reversal of a withdrawal (say that five times fast).
Best Buy is not completely bust on the China Market, however. Its subsidiary, Five Star Electronics, is an extremely popular domestic brand that is expanding its number of storefronts by 50 to a total of over 200 by the end of 2012.