Best Buy

Not to be confused with Best by.

Best Buy Co., Inc.
Formerly
  • Sound of Music (1966–1983)
  • Best Buy Co. Superstores (1983–1984)
  • Best Buy Superstores (1984–1989)
Company typePublic
IndustryRetail
FoundedAugust 22, 1966; 58 years ago (1966-08-22) in St. Paul, Minnesota, United States, as Sound of Music
Founders
HeadquartersRichfield, Minnesota,
U.S.
Number of locations
1,125 (2024)
Areas served
Key people
ProductsConsumer electronics, appliances
ServicesTech repair
RevenueDecrease US$43.45 billion (2024)
Decrease US$1.574 billion (2024)
Decrease US$1.241 billion (2024)
Total assetsDecrease US$14.97 billion (2024)
Total equityIncrease US$3.053 billion (2024)
Number of employees
c. 85,000 (February 2024)
DivisionsBest Buy Canada
Subsidiaries
Websitebestbuy.com
Footnotes / references
Financials as of February 3, 2024.[1]

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.

Best Buy operates internationally in Canada, and formerly operated in China until February 2011 (when the faction was merged with Five Star) and in Mexico until December 2020 (due to the effects of the COVID-19 pandemic). The company also operated in Europe until 2012.[2] Its subsidiaries include Geek Squad, Magnolia Audio Video, and Pacific Sales. Best Buy also operates the Best Buy Mobile and Insignia brands in North America, plus Five Star in China.[2] Best Buy sells cellular phones from Verizon Wireless, AT&T Mobility, T-Mobile, Boost Mobile and Ting Mobile[3] in the United States. In Canada, carriers include Bell Mobility, Rogers Wireless, Telus Mobility, their fighter brands, and competing smaller carriers, such as SaskTel.

Hubert Joly is executive chairman of Best Buy, having been succeeded as CEO by Corie Barry in June 2019.[4][5][6] According to Yahoo! Finance, Best Buy is the largest specialty retailer in the United States consumer electronics retail industry.[7] The company ranked number 72 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.[8]

  1. ^ "Best Buy Co., Inc. Form 10-K (FY ending February 3, 2024)". U.S. Securities and Exchange Commission. March 15, 2024. Retrieved March 16, 2024.
  2. ^ a b "Form 10-K Best Buy". United States Securities and Exchange Commission. Archived from the original on July 11, 2019. Retrieved January 14, 2014.
  3. ^ "Partner Portfolio". Zoom Systems. Archived from the original on January 15, 2011. Retrieved December 31, 2012.
  4. ^ Lee, Thomas (August 19, 2013). "A year on the job with Best Buy CEO Hubert Joly". Star Tribune. Archived from the original on January 16, 2014. Retrieved January 14, 2014.
  5. ^ Wahba, Phil (April 15, 2019). "Best Buy Will Get Its First-Ever Female CEO in June". Fortune. Archived from the original on April 22, 2019. Retrieved April 22, 2019.
  6. ^ Carlen, Sam (June 11, 2019). "Best Buy's Corie Barry ascends to CEO post". Business Journal. Archived from the original on September 10, 2021. Retrieved June 12, 2019.
  7. ^ Bailey, Sharon (January 19, 2015). "Best Buy: The largest consumer electronics retailer". Yahoo! Finance. Archived from the original on January 19, 2018. Retrieved July 13, 2017.
  8. ^ "Fortune 500 Companies 2018: Who Made the List". Fortune. Archived from the original on January 15, 2019. Retrieved November 10, 2018.