36 Facts About Best Buy

Best Buy operates internationally in Canada, and formerly operated in China until February 2011 and in Mexico until December 2020 .

Best Buy operates the Best Buy Mobile and Insignia brands in North America, plus Five Star in China.

Hubert Joly is executive chairman of Best Buy, having been succeeded as CEO by Corie Barry in June 2019.

Best Buy ranked number 72 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

Later that year, Best Buy opened its first superstore in Burnsville, Minnesota.

Related searches

Best Buy was taken public in 1985, and two years later it debuted on the New York Stock Exchange.

In 1988, Best Buy was in a price war with a Detroit-based appliance chain and Schulze attempted to sell the company to Circuit City for US$30 million.

In 1994, Best Buy debuted "Concept III" stores in several new markets including Los Angeles and Washington, DC.

Best Buy launched its "Concept IV" stores with its expansion into New England in 1998.

In 2000, Best Buy formed Redline Entertainment, an independent music label and action-sports video distributor.

Best Buy acquired Magnolia Hi-Fi, Inc, an audio-video retailer located in California, Washington, and Oregon, in December 2000.

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, Best Buy acquired the British Columbia, Canada-based electronics-chain Future Shop Ltd.

Best Buy was promoted to vice president in 1981 and executive vice president in 1986.

In January 2004, Best Buy hired Virtucom Group to revamp Best Buy's website and handle all of the company's online content.

In May 2006, Best Buy acquired a majority interest in Chinese appliance retailer Jiangsu Five Star Appliance for $180 million.

In January 2007, the first Best Buy-branded store in China officially opened in Shanghai.

In March 2007, Best Buy acquired Speakeasy, a Seattle-based broadband VOIP, data, and IT services provider.

In October 2007, Best Buy became the first consumer-electronics retailer to exit the analog television market, carrying only digital products that became mandatory in June 2009 by the FCC.

In July 2008, Best Buy announced that it would start selling musical instruments and related gear in over 80 of its retail stores, making the company the second-largest musical-instrument distributor in the US.

In November 2009, Best Buy partnered with Roxio's CinemaNow to launch an on-demand streaming service which allowed streaming from any Internet device sold by Best Buy.

Best Buy eventually opened 11 Best Buy stores in the United Kingdom, all of which were closed in early 2012.

In November 2011, Best Buy purchased The Carphone Warehouse's share of Best Buy Mobile for $1.

In December 2011, Best Buy purchased mindSHIFT Technologies, a company that provided IT support for small and medium-sized businesses, for $167 million.

Related searches

In 2012, in response to overall revenue decline, Best Buy announced plans to undergo a "transformation strategy".

Best Buy named Director George L Mikan III interim CEO following Dunn's resignation.

Best Buy led initiatives such as price matching, speeding up delivery times for online purchases, establishing "store within a store" sections for major brands such as Apple, Google, Microsoft, and Samsung, and giving more product training to employees.

Best Buy, in announcing the result, said it was focusing more on digital media in its marketing, moving away from newspaper, magazine, and television advertising.

Best Buy sells consumer electronics and a variety of related merchandise, including software, video games, music, mobile phones, digital cameras, car stereos, and video cameras, in addition to home appliances, in a noncommissioned sales environment.

Under the Geek Squad brand, Best Buy offers computer repair, warranty service, and accidental service plans.

Best Buy provides an online community forum for members, where consumers can discuss product experiences, ask questions, and get answers from other members or retail product experts.

Best Buy challenged this ruling in May 2008 by the FCC saying it was and is in compliance with current FCC regulations pertaining to the digital transition.

Best 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.

Best Buy's goal is to collect one billion pounds of recycling.

In one incident, a customer brought in his computer for troubleshooting, which a Best Buy employee flagged as containing images of child pornography and reported to the FBI.