Best Buy Business Analysis

Introduction to Best Buy

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[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 “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.

Best Buy Case Study
Industry Retail
Founded August 22, 1966; 52 years ago in St. Paul, Minnesota, United States
Founder Richard M. Schulze
Headquarters
  • Richfield, Minnesota
  • United States
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