Metro to open 100 Media Markt stores in China by 2015

Metro (MEO.FWB) will open 10 consumer electronics stores in Shanghai by the end of 2012 and add a further 100 outlets nationwide by 2015, Bloomberg reported. The German company, which is the world’s third-largest retailer, said its first Media Markt store would open on November 17 – at 13,500 square meters it will be the second largest of the 602 Media Markt outlets worldwide. Metro hopes to benefit from rising demand for TVs and laptop computers in China as domestic purchasing power rises. It estimates that consumer electronics sales in the country are growing about 8% annually and will reach US$254 billion a year by 2020. The company is increasingly targeting emerging markets as it seeks to reduce its reliance on Germany, where retail sales are stagnating.