Best Buy is an American retailer company. It deals in electronic products and the headquarters are located in Minnesota. It is operational in Canada and Mexico. Best buy was founded in 1966' October 20 by Richard M. Schulze. It has almost 1050 worldwide stores. Hubert Joly is the Chairman and the CEO and Sharon McCollam acquired a position as Chief Financial Officer. In China, all best buy stores were closed and merged with Five Star. It was renamed and rebranded with various other stores. Best Buy has various brands under the name Best Buy, Best Buy Geek brands, Geek Squad, etc. also there are best buy mobile stores in America, Five stars in China, Geek squad in Mexico. Best buy sells cellular phones across various parts of the world named as T-Mobile, US, AT-T Mobile, etc.
In 2004, best buy was named as the Company of the year. Also Discount Store news as Specialty Retailer of the Decade in 2001. It ranked at top 10 as Americas most Generous Corporations. In 2006, Fortune magazine tagged Best Buy as Most Admired Companies.
The founders of Best Buy started it as a radio store which was specialized in fidelity and it was financed by his own savings. Further stores were opened in his own house. Initially, the name of the company was Sound of Music and it earned a revenue of $1million USD. It was soon listed in the NASQAD exchange. In 1978 Sound of Music had nine stores across nation. While a tornado attack in 1981 vanished the stores with it. So as to come up with the loss Schulze decided to sell tornado attacked products at less price. The company made more sale during these four months than it typically does on normal days.
In order to promote Best Buy, it generalized various concepts towards it. In 1983, Sounds of music was renamed as Best Buy. With every concept, a new record was made. In concept ll, the company gained $1 billion USD. In Concept III, the larger stores were opened. With its expansion in England, they started their Concept lV. This encouraged their sales and boosted their performance.
In 2001, a major step was taken by the board members when they acquired Music Land Store corporations. They purchased it in $425 paying in cash. Also in later years they acquired British Columbia which is a Canada-based electronic company. In 2003, Best Buy Company opened its first global office in Shanghai, China. Also in 2004, Best Buy hired Virtucom to renew Best Buy’s website and also to handle all online content. In the same year May, the company launched its customer-centric program that parted its stores according to the profiles of the customer. The company partnered with Roxio's Cinema to launch a movie download service. In 2000, two Florida consumers have signed a lawsuit against the company. The suit claimed that store employees had misrepresented the manufacturer's warranty in order to sell its own Product Service/Replacement Plan and that Best Buy had "entered into a corporate-wide scheme to institute high-pressure sales techniques. The company ultimately settled for $200,000 but admitted no wrongdoing.