Shop Best Buy Electronics VERIFIED
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.
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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), made Fortune magazine's list of "Most Admired Companies" in 2006, and "The Most Sustainable Company in the United States" by Barron's in 2019. Hubert Joly is executive chairman of Best Buy, having been succeeded as CEO by Corie Barry in June 2019. According to Yahoo! Finance, Best Buy is the largest specialty retailer in the United States consumer electronics retail industry. The company ranked number 72 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
On August 22, 1966, Richard M. Schulze and a business partner opened Sound of Music, an electronics store specializing in high fidelity stereos in St. 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 Bergo Company. Sound of Music earned $1 million in revenue and made about $58,000 in profits in its first year. In 1969, Sound of Music had three stores and Schulze bought out his business partner.
Sound of Music operated nine stores throughout Minnesota by 1978. In 1981, the Roseville, Minnesota, Sound of Music location, at the time the largest and most profitable Sound of Music store, was hit by a tornado. The store's roof was sheared off and showroom destroyed, but the storeroom was left intact. In response, Schulze decided to have a "Tornado Sale" of damaged and excess stock in the damaged store's parking lot. He poured the remainder of his marketing budget into advertising the sale, promising "best buys" on everything. Sound of Music made more money during the four-day sale than it did in a typical month.
In 1989, the company introduced a new store concept dubbed "Concept II". Concept II replaced dimly lit industrial-style stores with brighter and more fashionably fixtured stores. Stores also began placing all stock on the sales floor rather than in a stock room, had fewer salespersons and provided more self-help product information for its customers. Best Buy also did away with commissioned salespeople. The commission-free sales environment "created a more relaxed shopping environment free of the high-pressure sales tactics used in other stores," but was unpopular with salespersons and suppliers. Upset that their products would no longer be pushed by salespeople, some suppliers such as Maytag, Whirlpool, and Sony stopped selling in Best Buy stores altogether. The suppliers returned after Best Buy's sales and revenue grew following the roll-out of Concept II.
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., marking its entrance to the international marketplace. Under the deal, Future Shop was purchased for about US$377 million and continued to operate as subsidiary independent from Best Buy Canada.
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. The acquisition was worth $80 million, and under terms of the deal, Speakeasy began operating as a wholly owned subsidiary of Best Buy. The company's products also became part of Best Buy's For Business program. Best Buy also expanded its Geek Squad market tests in March, opening Geek Squad precincts in FedEx Kinkos stores located in Indianapolis and Charlotte, North Carolina. 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 February 2009, Best Buy leveraged its partnership with The Carphone Warehouse to launch Best Buy Mobile, a Best Buy-branded mobile retailer. Best Buy Mobile standalone stores were opened in shopping malls and urban downtowns. These Best Buy Mobile outlets were also added in all Best Buy-branded stores.
An increasing trend towards online shopping began to erode revenues and profits in the 2010s. A 4% dip in sales for the June 30, 2014, quarter, marked the 10th quarter in a row where Best Buy's sales had declined. The company, 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 (washing machines, dryers, and refrigerators), 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.
In the second quarter of 2007, Connecticut Attorney General Richard Blumenthal ordered an investigation into the company's use of an in-store website alleged to have misled customers on item sales prices. In December 2007, the Los Angeles Times reported on the same issue, in which some customers claimed they thought they were surfing the Internet version of bestbuy.com at an in-store kiosk only to learn that the site reflected in-store prices only. In response, company spokesperson Sue Busch indicated the in-store kiosks were not intended for price-match purposes and rather were a means to navigate in-store availability. Since the initial investigation, a banner was placed on the in-store site to make its customers more aware of the difference.
As a way to improve its image and past environmental issues, the company introduced a recycling program in 2009 that has since collected nearly half-a-billion pounds of consumer electronics and e-waste, and is available at all their stores for a nominal fee. These items are then handed over to certified recyclers in the U.S. for proper recycling. The company's goal is to collect one billion pounds of recycling.
Our goal is to make it really easy. You can drop off old electronics for recycling at any Best Buy store, and our trade-in program provides gift cards for items that still have value. You can also use our haul-away program when you buy new TVs, appliances or fitness equipment.
Then, they break down materials using shredders, equipment and manpower and ensure the reclaimed commodities are recycled and repurposed into new products like fiber-optic cables and even airplanes. Plastics can be made into new electronics or other items.
If the prices are the same, and the models are generally the same or similar, where do you head? Good question. There are pros and cons to the top US stores, including warranty and return policies, but a major thing to consider is the nature of the store's TV section itself. None offer the ideal viewing environment to compare picture quality, but some are better than others. I visited a bunch of local stores to find out which one was best.
A regional retailer like Fry's might offer an even better place to judge image quality, but they're an increasingly rare breed. I live in a big city and nearly every specialty electronics retailer near me has closed in the last 10 years, so I have to figure it'd be even harder if you live in a small town. It would be worth checking Google for your area though.
Shop Best Buy for electronics, computers, appliances, cell phones, video games, and more. Best Buy works hard to solve problems and address key human needs across a range of areas, including technology, entertainment, productivity, communication, food, security, and health. The Geek Squad provides repair, installation and setup services on all kinds of tech, including computer and tablets, TVs, home theaters, car stereos, GPS, cell phones, and home appliances. Geeks fix most makes and models, no matter where you bought them, and can show you how to get the most out of your technology.
With a sprawling 1.3 million square feet of retail space to explore, over 100 shops and restaurants to choose from, and more than 300 events a year, Tempe Marketplace is the ultimate destination for Valley natives and out-of-town visitors. Delivering a refreshingly vibrant outdoor environment, complete with cozy fireplaces, unique water features, pop-up art installations, and lush landscaping, Tempe Marketplace provides an unparalleled, engaging and interactive shopping, dining and entertainment experience. Dramatic lights and eye-catching laser elements create a modern and carefree atmosphere, while the gathering spaces and entertainment areas make Tempe Marketplace an inviting community hub for friends and family to get out, meet up and have fun.
Still, "if you are looking for the best bargain, then August and December are great because you have less competition with other buyers looking," Franco says. There is also "a better chance that if someone listed their home in August or December, then they are truly serious about selling and either can't afford to or don't want to wait until the spring or fall when sales are busiest," he adds. 041b061a72