Metro Group-owned consumer electronics retailer Media Markt has signed a joint venture contract with Taiwan-based electronics and computer parts manufacturer Foxconn Technology Group.

It plans to opens its first store in Shanghai in mid-2010. Foxconn will hold 25% in the joint venture and Media Markt will have 75%. Initially, Media Markt plans to open 10 stores in the Shanghai area, but in the long term sees potential for hundreds of stores in the country.