Research on Best Buy Co. Essay examples

Best Buy’s History & Main Characters: Best Buy is Minneapolis-based and is North America's leading specialty retailer of consumer electronics, personal computers, entertainment software and appliances. Throughout Best Buy's 37-year history, the company has maintained the tradition of making life fun and easy for customers and employees, while providing a significant return to partners and investors. It has 80,000 employees and over 550 stores in the U.S., in addition to the brands Best Buy Canada, Future Shop and Magnolia Hi-Fi. Their leadership is led by Dick Schulze, Founder and Chairman, Brad Anderson, Vice Chairman and CEO, Al Lenzmeier, President and COO, and Darren Jackson, Executive Vice

Best Buy Co., Inc. is a multinational company in the United States and it deals, with consumer electronics, and accounts 19% of the business. The company also operates in Mexico, Puerto Rico, China, and Canada. Some of the subsidiaries of the company include CinemaNow, Geek Squad, Pacific Sales, and Magnolia Audio Video and operates in both Future Shop label, and Best Buy in Canada. Best Buy Co. Inc and its subsidiaries operate more than 1,150 stores internationally and domestically. The company also operates more than 100 “ZoomShops” or Buy Express Automated retail Stores, operated by the Zoom Systems, in both malls and airports in the entire country of the U.S. The company is headquartered in Richfield, Minnesota, U.S (Scott,

Best Buy is a company that has 40 years of history with a very accomplished sense of success. In 1966 Best Buy was a small electronics store in that originated in St. Paul Minnesota by Richard Schulze and an acquainted business partner. Considering that technology changes so rapidly, Best Buy has had to transform from just being the little electronics store down the way into a competitive, customer-driven, talent-powered company that emphasizes on pleasing the customers as it pertains to the life of technology. In 1993 Best Buy was recognized as the nation’s second largest electronics retailer and was recognized by

It was originally known as Sound of Music incorporated in 1966. During that time, the company was mostly involved in the retail sector of audio component expanding into retailing video products in early 80’s. In 1980’s with introduction of video cassette recorder it incorporated the videocassette recorder into its product line. In 1983 it changed its name to Best Buys Company Inc. and later

A man named Richard M. Schulze and his partner started Best Buy in 1966. The original store was called “Sound of Music” which was an electronics store that specialized in stereo systems. In 1967, Sound of Music purchased Bergo Company and Kencraft Hi-Fi and pulled in about $1 million in revenue. In 1969, Schulze took his partners half and decided to become a public company on the NASDAQ exchange. What started as a single store in Saint Paul, Minnesota became a chain of nine stores by 1978. In the 1980’s, Sound of Music was left with seven stores because of unfortunate accidents caused by a tornado. In 1983, Sound of Music was renamed to Best Buy Company. Along side changing the name of the company they also decided to expand on business by selling other at home appliances such as VCRs.

In 1966 Best Buy was co-founded under its original name “Sound of Music” by Richard Shulze and Gary Smoliak. In 1983, they changed the name to Best Buy and also changed the company’s focus to concentrate more on consumer electronics. Best Buy now has more than one thousand one hundred fifty big box stores with additional express locations around the world.

Originating as a single Hi-Fi Stereo retail store, financed by personal saving and a second mortgage on a family home, in Midwest America, Mega Buy found early success. By 1967, only one year after opening its doors, Mega Buy began the acquisition of local competitors as it sought to increase its share of a growing industry. That year the company exceeded $1 million in total sales and over $58,000 in profits. By 1969 the operation consisted of three separate stores. That same year the company became publically held on the NASDAQ exchange. Originally named, The Music Place, the company adopted the new name, when in 1981, with a total of nine stores, a tornado ripped the roof off of the largest and most profitable store. Incredibly the vast majority

In terms of future directions the company is taking, in February of 2001, Best Buy embarked on its most advantageous venture by the acquisition of the Musicland Corporation which owns stores such as Sam Goody Music, Suncoast Video, and Media play. This acquisition will help to give Best Buy the edge in the electronic and entertainment sales field. Best Buy obtained over 1300 stores from the Musicland Corporation. Richard Schulze's press release said it all when he discussed where the company was headed with the newly acquired stores. "We

In 2002 Best Buy opened 8 new stores In Toronto, this was to expand the company into Canada. While all this was happening, Schulze turned over his CEO job to Vice-Chairman Brad Anderson. Anderson also was the president and chief operating officer since 1991 and was with the company since 1973. Schulze remained involved with the company he created as chairman and he was still the largest shareholder owning nearly 17 percent. Best Buy opened many stores around the world, and in 2003 they had more than 600 stores around the world. Their store sales increased 7.1 percent in 2004 making their revenue rise 17 percent, reaching $25 billion, and a net income of $705 million.

Best Buy started in Minnesota in 1966 as Sound of Music, Inc. and began as an audio components retailer, but with the introduction of the videocassette recorder in the early 1980’s it expanded into video products. In 1983 Sound of Music officially changed their name to Best Buy and began using mass-merchandising techniques, which included offering a wide variety of products under a “superstore” concept. In 1989, Best Buy changed their retailing methods by introducing a self-service, noncommissioned, discount-style store designed to give customers a variety of consumer electronics, home office products, entertainment products, appliances and

The consumer electronics giant, Best Buy, was first established in 1966 with a single location and a staff of three in St. Paul, Minnesota, selling audio equipment targeted at 18-25 year old males. Initially Sound of Music/Best Buy grew through acquisition, expanding to nine locations in the Twin Cities area by 1978. The name, Best Buy, and expanded product line, ranging from audio and video equipment to large appliances, were a result of a “best buy” sale of damaged inventory at bargain prices in 1981. In the mid-1980s, Best Buy launched superstores similar to those of their main competitor, Circuit City and expanded by 15 stores between 1985-86. In 1989, Best Buy launched itself as a

Best Buy Inc. has built a reputation as a ground-breaking retail giant. It is known as one of the first “big box” stores in

Richard Schulze started Best Buy and grew it to a million dollar company within four years. The future CEO of Best Buy learned that diversification in the stores’ offerings and serving various target segments led to increased market share. After going public in 1985, Best Buy changed from commissioned and specialized customer assistants to a non-exempt, hourly paid sale associates to ensure that customers’ needs are the employees’ top priority. In 1999, Best Buy successfully launched its online store.

In 1966, Richard Shulze opened a small business in St. Paul, Minnesota called Sound of Music. In the next 17 years Shulze's small store rapidly grew into a multi-million dollar outfit. In 1983, Sound of Music changed its name to Best Buy Co., Inc and the first superstore was opened in Burnsville, Minnesota. With the new name the store also began carrying more name brands, appliances, VCRs and offering central service and warehouse distribution. Throughout the nineties Best Buy became pioneers in offering the newest technology such as DVDs and high definition TVs. In 1999, Best Buy and Microsoft combined to cross promote each other and also offered a two for one stock split. Now in 2005, almost 40 years after the first store

Best Buy is a company that is a financially strong and profitable, that has generated a good few billion in cash flows from operating activities as is shown in its financial statements. They also delivered positive operating income through their trajectory. They grew total market share in the third quarter according to the most recent public data available. They have closed down certain operations that were not profitable (according to recent reports), which they expect to have a positive impact on their earnings going forward. And they are focusing the company on areas where they see the greatest opportunities for growth and profit: mobile devices and connection plans; enhanced digital and e-commerce strategies; growth in their services business; and expansion of their established business in China.