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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.
Company History: Minnesota-based Best Buy Co., Inc. is the leading consumer electronics retailer in the United States, far outpacing archrival Circuit City Stores, Inc. in revenues if not in store count.
In 1966, a vision for revolutionizing retail electronics was born in Saint Paul, Minnesota. Richard M. Schulze, the ambitious founder, embarked on his entrepreneurial journey with a store named Sound of Music.
Best Buy debuted on the New York Stock Exchange in 1987. 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.
Best Buy enters the online retailing business by launching www.bestbuy.com; Fortune magazine names Best Buy one of the top 10 performing stocks since 1990; Best Buy acquires Magnolia Hi-Fi (now called Magnolia Audio Video).
About Best Buy At Best Buy, our purpose is to enrich lives through technology. We do that by leveraging our unique combination of tech expertise and human touch to meet our customers’ everyday needs, whether they come to us online, visit our stores or invite us into their homes.
Best Buy Co., Inc. founded: 1966. Contact Information: headquarters: 7075 flying cloud dr. eden prairie, mn 55344 phone: (612)947-2000 fax: (612)947-2422 url: http://www.bestbuy.com. OVERVIEW. Best Buy is the largest consumer electronics retailer in the United States with 290 stores nationwide. The company's growth was based on low pricing and ...
Technology has changed a lot over the past half century, and so has Best Buy. We talked with our founder Dick Schulze and our current CEO Hubert Joly to take stock of the past and look into the future.
1966: Richard Schulze and a business partner found an electronics store called Sound of Music. 1981: A tornado hits Roseville; company responds with "Tornado Sale," featuring low prices,...
Best Buy History. The Best Buy background begins in 1966 with Richard M. Schulze. He, along with a partner, opened up a music store called Sound of Music in St. Paul, Minnesota. Over the next decades, Schulze grew the store and renamed it Best Buy Company, Inc. in 1983.