Multinational companies are salivating at the thought of 1.3bn Chinese consumers unburdened by credit card debt. And the latest to bite is Media Markt, the German electronic goods retailer, which on Thursday was due to open its first store in China - a 13,000 square metre flagship (pictured) on Shanghai’s high street, Huai Hai road.
Except the store didn’t open, because Media Markt couldn’t train the staff in time. So the company went ahead with all the lion dancing and firecrackers anyway - just without the manic crowds common at most Chinese store openings.
Media Markt will use Shanghai to test the Chinese market, opening ten more stores in the city by 2012. If they’re successful, the company plans to open at least another 100 in the rest of China by 2015.