Brad Anderson, the 58-year-old chief executive of Best Buy, says the leading US consumer electronics retailer has been "extraordinarily concerned" about the risks of rapid international expansion.

But last week, Mr Anderson announced a $2.2bn investment in a retail joint venture in Europe with the UK's Carphone Warehouse, with stores in nine different European countries, alongside initial plans for its own-brand larger-format stores in Europe. Best Buy will also open stores this year in Turkey and Mexico, adding to stores in Canada and China.