Business Study Resources – Best Buy
Best Buy 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 James Wheeler in 1966 as an audio specialty store named Sound of Music. 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, and Boost Mobile 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.