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Best Buy is the brainchild of the company's founder and chairman, Richard M. Schulze. In 1966 Schulze and a partner established Sound of Music, Inc. and opened their first store in St. Paul, Minnesota, in an attempt to capture a share of the Twin Cities' home and car stereo retail market. First-year sales reached $173,000.
Best Buy Co., Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was rebranded under its current name with an emphasis on consumer electronics in 1983.
Contact us and we’ll work with you to find the solutions you need. Send us a message. Call us at 1-877-423-3429. Open a free online business account. Back to Best Buy Business Page. We can simplify online purchasing across a wide selection of products and offer Geek Squad services to take care of all your tech needs.
Jan 10, 2024 · The multinational retailer sells both products and services through three primary channels: retail stores, online, and call centers. Best Buy generated global revenues of 46.3 billion U.S. dollars ...
- Early History
- 2000s
- 2010s
In 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 B...
In January 2001, Best Buy acquired Musicland Stores Corporation, a Minnetonka, Minnesota-based retailer that sold home entertainment products under the Sam Goody, Suncoast Motion Picture Company, Media Play and OnCue brands. Best Buy purchased the company for $425 million in cash and the assumption of $271 million of Musicland debt. Later that year...
In April 2010, Best Buy opened its first United Kingdom-based Best Buy-branded store in Thurrock. The company eventually opened 11 Best Buy stores in the United Kingdom. The company closed all UK-based Best Buy stores in November 2011. That same month Best Buy purchased The Carphone Warehouse’s share of Best Buy Mobile for $1.3 billion. Best Buy an...
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Best Buy Canada also offers in-home and commercial technical support through its Geek Squad unit. US-based retail giant Best Buy Co. (NYSE:BBY) acquired the Future Shop chain in 2002. Best Buy Co. operates more than 1400 stores throughout the US and Canada and 2600 stores in Europe and China, mostly under the Best Buy, Best Buy Mobile, and The Car Phone Warehouse banners (Source: Hoover's ...
