Germany's Metro shutters China retail stores

Germany’s Metro is exiting the Chinese consumer electronics retail market, after a two year trial period, The Wall Street Journal reported. The larger Metro Group will focus on other lines of business to strengthen its market position, said Chief Executive Olaf Koch on Wednesday. Consumer electronics firm Media-Saturn, a unit of Metro, had seven Media Markt brand stores in China. A significant amount of capital would have been required to allow the firm to compete in the country, the German company said. The move was widely anticipated, as Media Markt had to compete with online retailers who offered lower prices and a wider range of goods, said Commerzbank analyst Jürgen Elfers. Metro will continue its Metro Cash & Carry line of wholesale food stores in China, having opened 12 such stores in the mainland last year.