Best Buy
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Best Buy at the Renaissance Center in Durham, North Carolina
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Formerly called
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Sound of Music (1966) Best Buy Co. Superstores (1983) |
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| Public | |
| Traded as | |
| Industry | Retail |
| Founded | As Sound of Music: August 22, 1966 As Best Buy: 1983 West St. Paul, Minnesota, U.S. |
| Founder | Richard M. Schulze |
| Headquarters | Richfield, Minnesota, United States |
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Number of locations
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1,026 (October 29, 2016) |
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Areas served
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Worldwide |
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Key people
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Hubert Joly (Chairman and CEO) |
| Products | Consumer electronics |
| Revenue |
 $39.528 billion (2016) |
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$1.375 billion (2016) |
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| Profit |
$897 million (2016) |
| Total assets |
$13.519 billion (2016) |
| Total equity |
$4.378 billion (2016) |
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Number of employees
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125,000 (2016) |
| Divisions | Best Buy Canada Best Buy Europe |
| Subsidiaries |
Geek Squad Magnolia Pacific Sales, Future Shop |
| Website | www |
Best Buy Co., Inc. is an American multinational consumer electronics corporation headquartered in Richfield, Minnesota, a Minneapolis suburb. Internationally, it also operates in Canada and Mexico. It was formerly operational in China until February 2011 (when the faction was merged with Five Star) and in Europe until 2012. The company was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialty store. In 1983, it was renamed and rebranded with more emphasis placed on consumer electronics.
Best Buy's subsidiaries include Geek Squad, Magnolia Audio Video, and Pacific Sales. Best Buy operates under the Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Insignia and Pacific Sales brands in the United States; the Best Buy, Geek Squad and Best Buy Mobile brands in Canada; Best Buy Mobile and Five Star in China; and Best Buy, Best Buy Express, and Geek Squad in Mexico. Best Buy sells cellular phones from Verizon Wireless, AT&T Mobility, Sprint Corporation, Boost Mobile, and T-Mobile US, in regular stores and standalone Best Buy Mobile stores in shopping malls. Best Buy was named "Company of the Year" by Forbes magazine in 2004, "Specialty Retailer of the Decade" by Discount Store News in 2001, ranked in the Top 10 of "America's Most Generous Corporations" by Forbes in 2005 (based on 2004 giving), and made Fortune magazine's list of "Most Admired Companies" in 2006.
Hubert Joly serves as Best Buy's chairman and CEO.
In August 1966, Richard M. Schulze and a business partner opened Sound of Music, an electronics store specializing in high fidelity stereos in Saint Paul, Minnesota. Schulze financed the opening of his first store with his personal savings and a second mortgage he took out on his family’s home. In 1967, Sound of Music acquired Kencraft Hi-Fi Company and Bergo Company. Sound of Music earned $1 million in revenue and made about $58,000 in profits in its first year. In 1969, Schulze bought out his business partner. Sound of Music had three stores and became a publicly held company listed on the NASDAQ exchange.
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Wikipedia