On May 21st, EAST BUY (01797) officially opened its first physical retail store in Beijing. Founder Yu Minhong and other executives attended the opening ceremony.

During the event, Yu Minhong explained the rationale behind opening offline stores. He stated that the prosperity of the service industry relies on a combined development of online and offline channels. While online platforms offer convenience, the benefits of offline economic activities are irreplaceable.

Yu provided an example: an online streamer might sell in one hour what the physical store sells in an entire day. Operating the offline store, however, could require employing around ten people. "For us, this means earning less profit, but it increases employment opportunities, adds vitality to the community, and provides convenience for local residents," he remarked.

Yu Minhong also revealed that the initial intention for opening the physical store was to provide services for employees of New Oriental Education & Technology (EDU, 09901). He expressed that the venture has unexpectedly garnered significant attention from external customers and the broader public.