"We expect to open two to four more Best Buy stores in the next 12 months," said Best Buy vice chairman Allen Lenzmeier on Thursday.

Best Buy has already opened a store in Shanghai, which Lenzmeier described as a "branding statement" to get Chinese to know the company.

It also has a majority stake in domestic retailer Jiangsu Five Star Appliance Co. Lenzmeier said Best Buy would open up to 40 more stores of its stores in addition to the 130 it already has.

Best Buy has previously said it wants to participate in what it expects will be the world's biggest economy in 20 years.

Key to any expansion, Lenzmeier said, was learning the culture and how Best Buy could fit into it.

He said the Shanghai store was different from most US stores in its four-story configuration and in the products it sold. One entire floor was devoted to mobile phones, he said.

(For more biz stories, please visit Industry Updates)