Best Buy Co. announced Thursday that it will end its eight-year proprietorship over 184 Five Star stores in China. The country may be the fastest-growing commercial market in the world, but this incident proves that some Western retailers still struggle in the market.

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The end of Best Buy in China comes after the last nine stores in the country closed down last week. The popular Chinese real estate firm Jiauyan Group will acquire the Richfield-based company at a price not disclosed to the public. Best Buy reports that the sale will commence in the first part of 2015 and that it won't significantly affect its finances.

Many industry observers say that Chinese buyers and consumers are to blame for Best Buy's failure. This might have been deduced from the general perception of people that Chinese are "cheap buyers," preferring to haggle and bargain among retailers rather than buying already set prices in stores.

According to CNBC's research, though, the downfall of the American electronics chain comes from public opinion in China that Best Buy sells too expensive products than what people can get from the local market. The competition is just as far from what the chain offers rather than what they can enjoy from their local markets.

Consumers reason that the only time they are willing to pay more for a product is that when they cannot get it from anywhere else like Apple products. Nokia, Samsung, and Sony products, on the contrary, can be acquired at cheaper rates from other local stores.

Moving forward, Best Buy may have learned that to remain competitive in the kind of market that China offers, its selection of products, formats of sales, and choices in locations should have been considered more carefully and more meticulously. 

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