Media Markt, a joint-venture retail chain established by Germany-based Metro Group and the Foxconn Group in China will open its first store in Shanghai on November 17, according to the companies.

Foxconn president Terry Guo and Metro CEO Eckhard Cordes attended an opening ceremony on November 4.

Media Markt will expand its chain in the Shanghai area to 9-11 stores in total by the end of 2011 and aims to reach a nationwide network of at least 100 stores by the end of 2015, according to Foxconn.

Metro Group operates a chain of about 580 stores in 14 countries in Europe and a chain of about 2,200 stores in 32 countries around the world currently, and hopes to replicate its successful model in the China market through partnership with Foxconn.

The Shanghai flagship store has a total floor space of 18,000 square meters (193,800 square feet).

Foxconn president Terry Guo (center) at the Media Markt opening ceremony
Photo: Ninelu Tu, Digitimes, November 2010