LG is preparing to open 600 new retail stores in emerging markets to boost its smartphone sales.
In an interview with the Wall Street Journal, LG’s Executive Vice President Kim Ki-wan said the company will open new stores in India, the Middle East and Africa. In fact, the Korean company will likely grow by as much as 20% (or 600) this year, and will sell a variety of products, including smartphones, TVs and home appliances.
LG ended last year as the No. 5 handset maker overall, with 3.3% global market share and 55.9 million device shipments. And even though those figures were down from 5.1% market share and 88.1 million unit shipments in 2011, the company managed to make some money, reporting an operating-profit margin of 2% in the fourth quarter and 0.6% for all of 2012.
LG is facing competition not only from Samsung, Apple and Nokia – but also from Chinese handset makers, ZTE and Huawei, both of which managed to grow their smartphone businesses in 2012.