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Consumer electronics retailer

Best Purchase
Formerly Sound of Music (1966–1983)
Best Buy Co. Superstores (1983–1984)
All-time Buy Superstores (1984–1989)
Type Public

Traded as

 NYSE: BBY
S&P 500 Component
Industry Retail
Founded August 22, 1966; 55 years agone  (1966-08-22) in St. Paul, Minnesota, U.s.
Founders Richard M. Schulze
James Wheeler
Headquarters Richfield, Minnesota,

U.S.

Number of locations

 977 (FY February i, 2020)

Areas served
  • United states
  • Canada
  • Puerto Rico

Primal people

 Hubert Joly (Executive Chairman)
Corie Barry (CEO)
Mike Mohan (President and COO)
Products Consumer electronics, appliances
Services Tech repair
Revenue Increase United states of america$47.262 Billion (Fiscal Twelvemonth Ended January thirty, 2021)[1]

Operating income

 Increase Usa$2.391 Billion (Financial Year Ended January thirty, 2021)[one]

Net income

 Increase The states$1.798 Billion (Financial Year Ended January 30, 2021)[1]
Total assets Increase US$19.067 Billion (Fiscal Year Ended January 30, 2021)[1]
Full equity Increase US$four.587 Billion (Fiscal Year Concluded January 30, 2021)[ane]

Number of employees

 c. 102,000 (FY FEB 25, 2021)
Divisions Best Buy Canada
Subsidiaries
  • All-time Purchase Mobile
  • Geek Squad
  • Magnolia Home Theater
  • Pacific Sales
Website BestBuy.com
Footnotes / references
[2]

Best Purchase is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Originally founded by Richard Yard. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was rebranded under its electric current proper name with an emphasis on consumer electronics in 1983.

All-time Buy operates internationally in Canada, and formerly operated in China until February 2011 (when the faction was merged with Five Star) and in Mexico until December 2022 (due to the effects of the COVID-19 pandemic). The company likewise operated in Europe until 2012.[3] Its subsidiaries include Geek Squad, Magnolia Audio Video, and Pacific Sales. Best Purchase also operates the Best Buy Mobile and Insignia brands in Due north America, plus Five Star in Prc.[3] Best Purchase sells cellular phones from Verizon Wireless, AT&T Mobility, Dart Corporation[4] in the United States. In Canada, carriers include Bell Mobility, Rogers Wireless, Telus Mobility, their fighter brands, and competing smaller carriers, such as SaskTel.

Best Buy was named "Visitor of the Yr" past Forbes magazine in 2004,[5] "Specialty Retailer of the Decade" by Discount Shop News in 2001,[6] ranked in the Superlative 10 of "America'due south Virtually Generous Corporations" by Forbes in 2005 (based on 2004 giving),[7] made Fortune magazine'south list of "Most Admired Companies" in 2006,[viii] and "The Virtually Sustainable Company in the U.s.a." past Barron'due south in 2019.[9] Hubert Joly is executive chairman of Best Purchase, having been succeeded as CEO by Corie Barry in June 2019.[10] [11] [12] According to Yahoo! Finance, Best Buy is the largest specialty retailer in the The states consumer electronics retail manufacture.[13] The company ranked number 72 in the 2018 Fortune 500 list of the largest The states corporations by total revenue.[fourteen]

History [edit]

Early history [edit]

Sound of Music logo from 1966 until 1983

On August 22, 1966, Richard G. Schulze and a business concern partner opened Sound of Music, an electronics shop specializing in loftier fidelity stereos in St. Paul, Minnesota.[fifteen] [xvi] [17] [xviii] [19] [20] [21] [22] [23] [24] Schulze financed the opening of his first shop with his personal savings and a 2d mortgage he took out on his family's home.[23] [25] In 1967, Sound of Music acquired Kencraft Hello-Fi Visitor and Bergo Company.[25] Sound of Music earned $1 million in revenue and made almost $58,000 in profits in its outset year.[23] In 1969, Sound of Music had iii stores and Schulze bought out his business partner.

Sound of Music operated nine stores throughout Minnesota by 1978.[26] In 1981, the Roseville, Minnesota, Sound of Music location, at the fourth dimension the largest and nigh profitable Sound of Music store, was hit past a tornado.[23] The store's roof was sheared off and showroom destroyed, but the storeroom was left intact.[23] [27] In response, Schulze decided to have a "Tornado Sale" of damaged and excess stock in the damaged store's parking lot.[23] He poured the remainder of his marketing budget into advertising the sale, promising "best buys" on everything.[27] Sound of Music made more money during the 4-day sale than information technology did in a typical month.[24]

Best Buy Co. Superstores logo from 1983 until 1984

Best Buy Superstores logo from 1984 until 1989

In 1983, with vii stores and $10 meg in almanac sales, Audio of Music was renamed Best Purchase Company, Inc.[26] [27] The company likewise expanded its product offerings to include home appliances and VCRs, in an attempt to aggrandize beyond its then-core client base of 15- to eighteen-year-old males. After that year, All-time Purchase opened its first superstore in Burnsville, Minnesota.[27] The Burnsville location featured a high-volume, low-price business model, which was borrowed partially from Schulze's successful Tornado Auction in 1981.[23] [27] In its first yr, the Burnsville shop out-performed all other Best Buy stores combined.[24] [25]

Best Purchase logo from 1989 until May nine, 2018, used in Canada until July 26, 2019, still used in many locations

All-time Buy was taken public in 1985, and ii years afterward it debuted on the New York Stock Exchange.[28] [29] In 1988, Best Purchase was in a price state of war with a Detroit-based appliance chain and Schulze attempted to sell the visitor to Excursion City for US$30 one thousand thousand. Circuit City rejected the offering, claiming they could open up a shop in Minneapolis and "blow them away."[30]

In 1989, the company introduced a new shop concept dubbed "Concept II".[25] [28] Concept II replaced dimly lit industrial-way stores with brighter and more fashionably fixtured stores.[25] Stores also began placing all stock on the sales floor rather than in a stock room, had fewer salespersons and provided more self-assistance production information for its customers.[28] [29] Best Purchase as well did away with commissioned salespeople.[23] [28] The committee-gratis sales surroundings "created a more than relaxed shopping environment free of the high-force per unit area sales tactics used in other stores," but was unpopular with salespersons and suppliers.[28] Upset that their products would no longer exist pushed by salespeople, some suppliers such as Maytag, Whirlpool, and Sony stopped selling in All-time Purchase stores altogether.[23] [24] The suppliers returned after Best Buy's sales and revenue grew following the roll-out of Concept 2.[27]

In 1992, the company accomplished $i billion in annual revenues.[29]

In 1994, Best Buy debuted "Concept III" stores in several new markets including Los Angeles and Washington, DC.[29] [31] Concept Three stores were larger than previous stores and included expanded production offerings, "Respond Middle" touchscreen kiosks that displayed product data for both customers and employees, and demonstration areas for products such as environment sound stereo systems and video games.[31] [32]

Best Buy launched its "Concept Iv" stores with its expansion into New England in 1998.[29] [33] Concept Iv stores included an open layout with products organized by category, cash registers located throughout the store, and slightly smaller stores than Concept Iii stores.[34] The stores also had large areas for demonstrating home theater systems and estimator software.[29] [35]

In 1999, Best Buy was added to Standard & Poor's S&P 500.[29]

2000s [edit]

Old Best Buy Shop located in Shanghai, China, now airtight and merged with Five Star

The Best Buy logo displayed at the Mall of America location while information technology was open between 2008 and 2018[36]

In 2000, Best Buy formed Redline Entertainment, an independent music characterization and action-sports video distributor.[37] The company acquired Magnolia Hi-Fi, Inc., an audio-video retailer located in California, Washington, and Oregon, in Dec 2000.[29]

In January 2001, All-time Purchase acquired Musicland Stores Corporation, a Minnetonka, Minnesota-based retailer that sold home-entertainment products under the Sam Goody, Suncoast Motion Moving picture Company, Media Play, and OnCue brands. Best Buy purchased the visitor for $425 million in cash and the assumption of $271 meg of Musicland debt.[29] [38] Later on that year, All-time Purchase acquired the British Columbia, Canada-based electronics-chain Future Shop Ltd., marking its entrance to the international marketplace.[29] [39] Under the deal, Future Shop was purchased for near The states$377 million and continued to operate as subsidiary contained from Best Buy Canada.[40] [41]

Brad Anderson succeeded Richard Schulze as Best Purchase CEO in July 2002.[42] Anderson had begun working at Best Buy in 1973 while attending seminary school.[42] He was promoted to vice president in 1981 and executive vice president in 1986. Anderson had most recently served equally president and COO of Best Buy, a position he had held since 1991.[42] In September of that yr, All-time Buy opened the first Canadian All-time Purchase-branded store in Mississauga, Ontario.[43] In October, Best Buy acquired Minneapolis-based Geek Squad, then a 24-60 minutes residential estimator repair business concern with offices in Minneapolis, Chicago, Los Angeles, and San Francisco.[42]

Best Buy stores in the U.South. surpassed the 600-store mark and the company opened its first global-sourcing role in Shanghai in 2003.[44] [45] In June, Best Buy divested itself of Musicland in a deal with Dominicus Upper-case letter Partners under which Dominicus Capital received all of Musicland's stock and debt.[46] All-time Buy launched its "Reward Zone" loyalty program in July following an eight-month test of the program in San Diego, California.[47] Also in 2003, All-time Purchase'southward corporate offices were consolidated into a unmarried campus in Richfield, Minnesota.

In Jan 2004, Best Purchase hired Virtucom Group to revamp Best Purchase'due south website and handle all of the company's online content.[48] In May, the visitor launched its "client centricity" program, which segmented its stores according to customer profiles. The programme likewise called for employees to focus on specific client groups rather than product categories.[49] In October, Best Buy completed rolling out Geek Squad "precincts" in every American All-time Buy store.[l]

In April 2005, Best Buy began eliminating mail-in rebates in response to negative customer reaction against them, and instead started giving out instant rebates via notebook computers.[51]

In May 2006, Best Purchase acquired a majority interest in Chinese appliance retailer Jiangsu V Star Appliance for $180 million. At the fourth dimension of the deal, Jiangsu was the fourth-largest appliance chain in Prc with 193 stores across eight Chinese provinces.[52] In June, the company opened Geek Squad precincts at Office Depot in Orlando, Florida.[47] The market place test was later on expanded to Denver.[53]

In January 2007, the first Best Purchase-branded shop in Mainland china officially opened in Shanghai.[54] In March 2007, Best Purchase acquired Speakeasy, a Seattle-based broadband VOIP, data, and IT services provider. The acquisition was worth $80 one thousand thousand, and under terms of the deal, Speakeasy began operating as a wholly owned subsidiary of Best Buy. The company'southward products likewise became role of Best Purchase'south For Business concern program.[55] All-time Buy besides expanded its Geek Squad market tests in March, opening Geek Squad precincts in FedEx Kinkos stores located in Indianapolis and Charlotte, North Carolina.[56] In October 2007, Best Buy became the offset consumer-electronics retailer to exit the analog boob tube market, carrying just digital products that became mandatory in June 2009 past the FCC.[57]

In February 2008, Best Buy opened its first store in San Juan, Puerto Rico.[58] All-time Buy's Geek Squad marketplace tests in Office Depot and FedEx Kinkos stores ended by March.[59] Also in March, the visitor began promoting the Blu-ray optical-disc format over the Hd DVD format, a move which ultimately contributed to Toshiba's conclusion to driblet HD DVD.[60] In May, the company agreed to purchase fifty% of the retail segmentation of The Carphone Warehouse, a London, England-based mobile phone retailer.[61] [62] The deal was worth $2.1 billion.[62]

In July 2008, Best Buy appear that it would start selling musical instruments and related gear in over fourscore of its retail stores, making the company the second-largest musical-instrument distributor in the U.s..[63] All-time Buy became the offset third-political party retail seller of Apple tree's iPhone in September.[64] Later that month, the company agreed to acquire Napster for $121 1000000.[65] In December, Best Purchase opened its starting time store in Mexico.[66]

In February 2009, Best Buy leveraged its partnership with The Carphone Warehouse to launch All-time Buy Mobile, a Best Buy-branded mobile retailer. Best Purchase Mobile standalone stores were opened in shopping malls and urban downtowns. These Best Purchase Mobile outlets were too added in all All-time Buy-branded stores.[67]

In June 2009, Brian J. Dunn became Best Buy CEO. Dunn replaced Brad Anderson, who was retiring.[68] Dunn had joined Best Buy in 1985 as a sales associate. In 2000, Dunn became senior vice president of East Coast operations and president of Due north American retail operations in 2004. His well-nigh recent position was as president of Best Purchase since 2006.[69]

In Nov 2009, Best Buy partnered with Roxio'southward CinemaNow to launch an on-need streaming service which allowed streaming from any Internet device sold by All-time Buy.[70]

In December, Best Buy opened its kickoff Turkish shop in İzmir.[ citation needed ]

2010s [edit]

In Apr 2010, Best Purchase opened its first United Kingdom-based All-time Buy-branded store in Thurrock.[71] The company somewhen opened xi All-time Purchase stores in the Britain, all of which were airtight in early on 2012. In November 2011, Best Purchase purchased The Carphone Warehouse's share of Best Buy Mobile for $1.3 billion. Best Buy and The Carphone Warehouse maintained their All-time Buy Europe articulation venture, which at the fourth dimension operated 2,500 mobile phone stores throughout Europe.[72]

The visitor airtight all of its Best Purchase-branded stores in China by February 2011, when information technology merged Best Purchase Mainland china's operations with Jiangsu Five Star, which had become a wholly owned subsidiary of Best Buy in 2009.[3] [73] In December 2011, Best Buy purchased mindSHIFT Technologies, a company that provided IT support for small and medium-sized businesses, for $167 million.[74]

In 2012, in response to overall revenue refuse, Best Buy announced plans to undergo a "transformation strategy". Stores began to adopt a redesigned "Connected Store" format, providing the Geek Squad with a centralized service desk and implementing a "store-inside-a-store" concept for Pacific Kitchen & Bath and Magnolia Design Center.[75]

In April 2012, Brian Dunn resigned as Best Buy'south CEO during an internal company investigation into allegations of personal misconduct stemming from an inappropriate relationship with a female person Best Buy employee.[76] Best Buy named Director George L. Mikan III interim CEO post-obit Dunn's resignation.[76] The internal investigation was released in May 2012 and alleged that Best Purchase founder and chairman Richard Schulze knew of Dunn's inappropriate human relationship and failed to notify the Best Buy board.[76] Schulze subsequently resigned his chairmanship of the company.[76] All-time Buy Director Hatim Tyabji replaced Schulze as Best Buy chairman.[76]

In September 2012, Hubert Joly replaced Mikan equally All-time Buy CEO.[77] Joly had previously served every bit CEO of Carlson, a hospitality conglomerate, since 2008.[77] He led initiatives such as price matching, speeding up delivery times for online purchases, establishing "store inside a store" sections for major brands such as Apple, Google, Microsoft, and Samsung, and giving more than production training to employees.[78]

In April 2013, All-time Buy exited the European consumer electronics market place when it sold its 50% pale in The Carphone Warehouse dorsum to the Uk-based mobile phone retailer.[79] [fourscore] The auction was worth effectually $775 million.[79] [lxxx]

An increasing trend towards online shopping began to erode revenues and profits in the 2010s. A 4% dip in sales for the June 30, 2014, quarter, marked the 10th quarter in a row where Best Purchase'due south sales had declined. The company, in announcing the result, said information technology was focusing more on digital media in its marketing, moving abroad from newspaper, mag, and tv advert.[81]

On March 28, 2015, Best Buy announced the shutdown of the Hereafter Shop chain in Canada; 65 of its 131 one-time locations were converted into Best Buy locations, while the rest (primarily those in shut proximity to an existing Best Buy) were airtight permanently.[82]

On March one, 2018, the company announced that information technology would shut downwardly its 250 standalone Best Purchase Mobile stores in the United States by the end of May, due to low revenue and high costs. The Best Buy Mobile stores were reported to account for one% of the visitor's revenue.[83]

On May ix, 2018, the company unveiled a new logo for the kickoff time in nearly iii decades.[84]

On July two, 2018, Best Buy announced it was cutting the amount of store infinite devoted to selling physical music, citing the popularity of streaming services as having reduced sales.[85]

On April 15, 2019, All-time Buy announced that in June 2019, its current CFO, Corie Barry, would supersede Hubert Joly[eleven] who held the position of CEO since August 2012. Joly afterwards became executive chairman of the company.[x] [12]

2020s [edit]

During the lockdown and increased frequency of working from abode, caused past the COVID-19 pandemic, Best Buy announced that its U.s. online sales (increased purchase of computers, printers, tablets, fitness tech and other gear) for the Q2 of 2022 had tripled. Despite these revenues, All-time Purchase has laid off over 5,000 employees in early on 2021, along with forcing many others into role-time positions.[86]

Corporate affairs [edit]

Business operations [edit]

Map of Best Buy stores in the Continental U.S and Southern Canada, as of Baronial 2011

Salesman demonstrating the Apple tree iPad 2 (June 2011)

All-time Buy sells consumer electronics and a multifariousness of related trade, including software, video games, music, mobile phones, digital cameras, car stereos, and video cameras, in addition to home appliances (washing machines, dryers, and refrigerators), in a noncommissioned sales environment.[iii] Under the Geek Squad brand, Best Buy offers computer repair, warranty service, and accidental service plans.[3] Best Buy provides an online community forum for members, where consumers tin can discuss product experiences, ask questions, and become answers from other members or retail product experts.[87]

The edifice exteriors of Best Buy-branded stores are typically light brown, with the entrance designed to look like a blue box emerging from the structure.[88] Corporate employees operated nether a results merely work environs from 2005 until March 2013, when the management style was abandoned by All-time Buy CEO Hubert Joly.[89] [xc]

As of Oct 29, 2016, All-time Buy operated ane,026 All-time Buy, 331 Best Buy Mobile stand-alone stores, and 28 stand-alone Pacific Sales stores in the US.[3] Best Buy also operated: 135 Best Purchase and 53 Best Buy Mobile stand-alone stores in Canada; and 18 Best Buy stores and 5 Best Buy Limited stores in Mexico.[3] All-time Buy exited the European market in April 2013.[79] [80]

House brands [edit]

All-time Buy likewise produces products under eight firm brands:[three]

  • Dynex – Discount electronic and computer equipment such as Blu-ray players, information and power cables, HDTVs, role supplies, storage media, and webcams
  • Init – Storage products such as media storage, equipment bags, totes, and piece of furniture for domicile theaters
  • Insignia – Electronic equipment, small appliances, and accessories including adapters, cables, HDTVs, mini refrigerators, and tablets
  • Magnolia Design Middle (in select Best Buy stores) – design and installation of custom home theater setups
  • Magnolia Home Theater (in select Best Buy stores) – High-end abode theater selections for both audio and visual equipment, including 4K, 3D, and large televisions, projectors, receivers, and speakers
  • Modal – style-oriented mobile accessories, including Bluetooth speakers, cables, and cases
  • Pacific Sales (in select Best Buy stores) – Loftier-terminate appliances
  • Platinum – Highest-quality in-house make for the visitor, producing many products, such as cables, jail cell telephone accessories, tablet accessories, and digital imaging equipment
  • RocketFish – Cables primarily used with habitation-theater installation and setup, as well every bit on calculator and gaming accessories
  • RocketFish Mobile – Phone cases, gel skins, clips, and chargers for cell phones, GPS, and other exclusive high-stop products

Controversies [edit]

Warranty [edit]

In 2000, two Florida consumers brought a lawsuit against the company, alleging that it engaged in fraudulent business practices related to the auction of extended warranties (or, more than accurately, service plans). The suit claimed that store employees had misrepresented the manufacturer'due south warranty to sell its ain Product Service/Replacement Programme and that Best Buy had "entered into a corporate-wide scheme to institute loftier-force per unit area sales techniques involving the extended warranties" and that the visitor used "artificial barriers to discourage consumers who purchased the 'consummate extended warranties' from making legitimate claims."[91] The visitor ultimately settled for $200,000, but admitted no wrongdoing.[92]

In 2014, Best Purchase settled for $4.55 one thousand thousand in a class-action lawsuit filed against them in April 2010 by consumers who claimed All-time Buy was making unsolicited telephone calls in contravention of the Telephone Consumer Protection Act.[93]

Pricing [edit]

In the second quarter of 2007, Connecticut Attorney General Richard Blumenthal ordered an investigation into the company's employ of an in-shop website alleged to have misled customers on item sales prices.[94] In December 2007, the Los Angeles Times reported on the same issue, in which some customers claimed they idea they were surfing the Net version of bestbuy.com at an in-shop kiosk simply to larn that the site reflected in-store prices only. In response, visitor spokesperson Sue Busch indicated the in-store kiosks were non intended for toll-match purposes and rather were a ways to navigate in-store availability. Since the initial investigation, a banner was placed on the in-store site to make its customers more aware of the difference.[95]

Analog televisions [edit]

On April 26, 2008, the U.S. Federal Communications Committee (FCC) fined the visitor $280,000 for not alerting customers that the analog televisions information technology sold would non receive over-the-air stations after the digital transition on June 12, 2009.[96] The company challenged this ruling in May 2008 past the FCC saying it was and is in compliance with current FCC regulations pertaining to the digital transition.[97]

Ecology issues [edit]

All-time Buy was one of several companies named in a 2007 report by Greenpeace for purchasing raw materials or manufactured products derived thereof from logging companies that in the opinion of Greenpeace, contribute to unethical deforestation of taiga in Canada.[98]

Since that time, notwithstanding, the company launched what it calls Greener Together to increase the energy efficiency of its products, and reduce consumer waste product through more than recyclable packaging and proper disposal of sure electronic components such as rechargeable batteries and empty ink cartridges.[99]

As a mode to better its epitome and past ecology problems, the company introduced a recycling program in 2009 that has since collected nearly one-half-a-billion pounds of consumer electronics and e-waste product, and is bachelor at all their stores for a nominal fee. These items are so handed over to certified recyclers in the U.South. for proper recycling. The visitor's goal is to collect one billion pounds of recycling.[100]

Information technology also has been named to the U.S. Ecology Protection Agency top-50 list of the largest green-power purchasers. In 2011, the company purchased nearly 119 million kilowatt-hours of green power – electricity generated from renewable resources, such as current of air, solar, geothermal, biogas, biomass, and low-impact hydropower.[101]

FBI collaboration [edit]

In their effort to combat child pornography, the FBI hired several Best Purchase employees from the Geek Squad division to covertly work for them flagging potential targets. In one incident, a customer brought in his calculator for troubleshooting, which a Best Buy employee flagged as containing images of child pornography and reported to the FBI. The customer was indicted for possession of child pornography, although the judge in the instance later threw out well-nigh all the evidence against the defendant due to "false and misleading statements" made by an FBI amanuensis while trying to secure a search warrant for the client'south firm, and the government ultimately dropped the case.[102]

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Farther reading [edit]

  • Roose, Kevin (September xviii, 2017). "Best Purchase'south Secrets for Thriving in the Amazon Historic period". The New York Times. ISSN 0362-4331.
Videos
  • "Will Best Purchase Survive Amazon?". CNBC. May 30, 2019. Archived from the original on December 21, 2021.

External links [edit]

  • Official website Edit this at Wikidata
  • Business organization information for Best Purchase:
    • Google Finance
    • Yahoo! Finance
    • SEC filings

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Source: https://en.wikipedia.org/wiki/Best_Buy

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