TAIPEI, March 1 Foxconn Technology Group said it
will shift its China retailing focus to online sales after a
joint venture with German retailer Metro AG failed to
gain traction in stiff competition among large consumer
Foxconn will use a network of nearly 1,000 electronics shops
that it runs separately in China to support its online store,
Foxconn spokeswoman Laura Liu said.
"We have seen sales in our physical retail stores dropping
so we're putting more focus on our online business," Liu said.
She added that the company would continue to open new small
Foxconn, a holding company that includes Taiwan's Hon Hai
Precision Industry Co Ltd, said in a statement on
Friday that the joint venture with Metro, Media Markt China,
would wind up its seven stores next month.
Metro, which holds a majority stake in the venture, said in
January that it would be scrapped after meeting unexpectedly
International retailers such as Best Buy Co Inc,
Kingfisher Plc and Home Depot Inc have struggled
in the world's second-largest economy after underestimating
local and online rivals.
Foxconn, a major supplier to tech companies such as Apple
Inc, Hewlett Packard and Dell Inc,
opened an online electronics store called "eFeiHu" in 2010.
(Reporting by Clare Jim; Editing by Edmund Klamann)