For: Best Products

Best Buy Co., Inc. (nyse: BBY) is a Fortune 100 company and the largest specialty retailer of consumer electronics in the United States and Canada, accounting for 21% of the market.Boyle, Matthew. "Best Buy's Giant Gamble." CNN. March 29, 2006. Retrieved on November 28, 2006. The company's subsidiaries include Geek Squad, Magnolia Audio Video, Pacific Sales, and, in Canada the Best Buy Canada subsidiary operates most stores under the Future Shop label. Together these operate more than 1,150 stores in the United States, Puerto Rico, Canada, China, Mexico and Turkey. The company's corporate headquarters are located in Richfield, Minnesota, USA (near Minneapolis). On June 26, 2007, Best Buy announced a 40% increase in its operations, with plans to operate more than 1,800 stores worldwide, including 1,400 Best Buy stores in the U.S.

With the recent 50% acquisition of UK-based mobile phone operation The Carphone Warehouse's retail division, Best Buy announced that it would open branded superstores in the UK and other European countries. Best Buy will first open stores in the UK beginning 2009, with plans for up to 200 stores eventually, it is also considering purchasing UK rivals Kesa Electricals (owner of Comet), DSG International (owner of Currys), or both. It is unknown whether these stores will rebrand if acquired by Best Buy. Best Buy has revealed the first 4 UK locations which will be in Slough, Staines, Enfield and Thurrock; 20 locations are planned for 2009 which will all be big box format, however the company is looking for a flagship store in Central London in a prominent area such as Piccadilly Circus, Oxford Street or Regent Street. See Best Buy UK

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 magazine, and made Fortune Magazine's List of Most Admired Companies in 2006.

History

• 1966 - Richard M. Schulze and business partner James Wheeler open Sound of Music, an audio specialty store, in Saint Paul, Minnesota
• 1967 – Sound of Music acquires Kencraft Hi-Fi Company and Bergo Company. Second and third Sound of Music stores are opened near the University of Minnesota and in downtown Minneapolis. The Sound of Music ends its first year with gross sales of $173,000(USD)
• 1969 – Sound of Music stock first traded as publicly-held company; company enacts first employee stock option plan; three stores opened in the Twin Cities area
• 1970 – Sound of Music hits the $1 million mark in annual revenues
• 1979 – Sound of Music becomes the first suppliers of video and laserdisc equipment including Panasonic, Magnavox, Sony and Sharp
• 1981 – A tornado hits the Roseville, Minnesota store on June 14. Sound of Music responds with a "Tornado Sale," and it becomes an annual event
• 1983 – Sound of Music's board of directors approves a new corporate name: Best Buy Co., Inc.; opens first superstore in Burnsville, Minnesota, featuring expanded selling space, a wide assortment of discounted brand-name goods, central service, and warehouse distribution; stores begin selling appliances and videocassette recorders
• 1987 – Best Buy (symbol BBY) debuts on the New York Stock Exchange with an offering of 8.3 million shares
• 1989 – Best Buy unveils a new “grab-and-go” store format. Best Buy's brand logo changes to the yellow tag
• 1990 – Best Buy eliminates commission for standalone sales people, but retains bonuses for management and supervisors
• 1992 – Best Buy hits the $1 billion mark in annual revenues
• 1997 – Best Buy becomes the first national retailer to sell DVD hardware and software
• 2000 – Best Buy enters the online retailing business by launching Bestbuy.com; Best Buy acquires Magnolia Hi-Fi, a retailer of high-end consumer electronics; music Compact Cassettes are removed from most stores