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Home > Learn More > Tech > Tech Page 2 > The History Of Best Buy

The History Of Best Buy

Best Buy Inc is a leading provider of consumer electronics. The company is a top rated Fortune 500 company and is considered to the largest specialty retailer within its sector throughout the United States. It accounts for about 21 percent of the market.  Best Buy Inc also is present in the Canadian, Chinese and Mexican market places. The company was founded in 1966 and is a public company, listed on the New York Stock Exchange as BBY. The company is headquartered in Richfield, Minnesota and the founder, Richard Schulze, is still on board and is chairman for the company. This retail business is specialized in consumer electronics. In 2008, Best Buy Inc has a revenue of more than 40 billion dollars with 12.7 billion in assets. The company also employs about 150,000 people (2008 numbers.)

Best Buy Inc also has a number of subsidiaries. This includes its computer repair service The Geek Squad, Magnolia Audio Video and Pacific Sales. The company operates both Best Buy retail stores and Future Shop label products and stores in Canada. Best Buy Inc is an aggressive company and set out to become one of the country's best providers of consumer electronics from the beginning. The most recent announcements for plans of the company included a statement in 2007 of pushing for a 40 percent increase in its operations. The company plans to operate more than 1800 retail stores around the world. Of these, about 1400 stores will be located within the United States.

In 2009, the company will open its first United Kingdom based stores. The company acquired a 50 percent state in the UK based mobile phone company known as The Carphone Warehouse. Specifically, Best Buy Inc owns a portion of the company's retail division. With this announcement from the company, came the announcement that Best Buy would also opened branded Best Buy stores by the middle of 2009, with goals for up to 200 stores to be opened throughout the United Kingdom in the short time after. The company is said to be in talks to acquire Kesa Electricals and DSG International, both of which are United Kingdom rival retail electronics outlets.

In March of 209, the company became the online and brick and mortar primary provider for the eastern unitd States. This happened because their chief rival company, Circuit City closed its doors. In the west coast states, Best Buy's main competition is a chain of Fry's Electronics.

Best Buy Inc was founded in 1966 as an audio speciality store called Sound of Music. A year later, the company was acquiring Kencraft Hi Fi Company and later Bergo Company. It opened two additional stores and had an initial yearly income of $173,000. The company would continue to grow and flourish over the next few years, hitting the one million dollar annual revenue in 1970. The company changed names in 1983 when the company opens its latest store which would be the first expanded store selling a wide range of products at discounted pricing. The company also began selling appliances at this time and videocassette records.

Today, individuals and businesses count on Best Buy Inc for affordable electronics including TV and video products, car and GPS units, audio products, music, movies, books, games, computers and cameras, just to name a few of the company' main products.

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