US electronics retailer Best Buy has signed an agreement with the China Chain Store & Franchise Association (CCFA) in Nanjing to help train retailers.
Best Buy and its subsidiary Five Star Appliance will offer education and training funds to the Chinese retail industry over the next few years.
Initially Best Buy will invest RMB1 million (US$150.3 million) to launch a research program on China‘s retail management technologies. As the project advances, the retailer will continue to make investments from 2012 to 2015.
Meanwhile, CCFA will compile a full set of retail technology teaching materials for the Chinese retail industry. Parts of the courses will be published as online training courses with cooperation from Accenture.
ChinaCSR reports the establishment of this education and training fund aims to benefit Best Buy’s talent training for the development its dual-brand retail businesses in China.