Best Buy Co., Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. It was originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music. In 1983, it was rebranded under its current name with more emphasis placed on consumer electronics.
Internationally, Best Buy also operates in Canada and Mexico, and was formerly operational in China until February 2011 (when the faction was merged with Five Star) and in Europe until 2012. Its subsidiaries include Geek Squad, Magnolia Audio Video, and Pacific Sales. Best Buy also operates the Best Buy Mobile and Insignia brands in North America, plus Five Star in China. Best Buy sells cellular phones from Verizon Wireless, AT&T Mobility, Sprint Corporation, and Boost Mobile 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 “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 currently serves as Best Buy’s chairman and CEO. According to Yahoo! Finance, Best Buy is the largest specialty retailer in the United States consumer electronics retail industry. The company ranked No. 72 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
|Founded||August 22, 1966; 52 years ago in St. Paul, Minnesota, United States|
|Founder||Richard M. Schulze|
|Related Retail Companies:||Walmart, IKEA, Zara, Supreme, Zappos, Lego, Warby Parker, Avon, Adidas, Mattel, Nordstrom, Blue Nile, Louis Vuitton, Interco, Gucci, Piaget, Canon, Swatch, Build-A-Bear, Nestle, Michelin, Lenovo, New Balance, Converse, L.L.Bean|
Company site: www. bestbuy.com We Will Write a Custom Case Study SpecificallyFor You For Only $13.90/page!order now Stats: Approximately 180,000 employees, 1,172 stores, $35. 9 billion revenue Industry: Electronics/Appliances About Best Buy: “Best Buy began as a small specialty audio retailer in 1966. Today the company is the world’s largest consumer electronics dealer. While many […]
Consisting of both Domestic and International operations, Best Buy has been able to successfully maintain as a multinational merchant of products from appliances, software and electronics. Although there are several brands under Best Buy, the organization continues to expand and offer a multitude of products to consumers. With a return on assets of 7. 3% […]
Best Buy, Inc. Case Study: Case History Clayton Bender, Justin Swanson, Kaitlyn Krause, Michelle Chambers, Elmon Tanielian Company Background: Best Buy Co. , Inc. operates as a multinational retailer of consumer electronics within the services industry. Founded in 1966 under the name Sound of Music, Inc. , Best Buy underwent a name change in 1988. […]
About Best Buy Co., Inc. Best Buy Co. , Inc. (NYSE:BBY) Headquartered IN Richfield, Minnesota, is a leading multi-channel global retailer and developer of technology products and services. 1,100 stores in U.S (21% Market Share), also operated over 2,800 stores global (Canada, Mexico, China and Turkey), 170,000 employees whom are committed to helping deliver the […]
In pursuit of the new model, the company was making efforts but struggling to shift their focus on marketing operation from selling products to customers (product-out approach) to addressing customer needs (market-in approach) while still leveraging its scale merit in merchandising. Before customer- eccentricity model, Busty was a merchant driven company. Merchant organization primarily had […]
After all, these same results are not being perceived in the general corporate community in Asia. So, what is going on? In 2007, (after customer-eccentricity was already introduced) the department managers (in the Best Buy store number 343) wrote a report to the general manager explaining how costly their 7% yearly staff turnover was to […]
Would you like to get a custom case study? How about receiving a customized one?Check it out