Best Buy

Best Buy Co., Inc. was founded in 1718. It is a company that specializes in retailing electronics and computers.

R. H. Macy & Co., Inc. was incorporated in 1919.

Brad Anderson, the former Chief Executive Officer and Vice Chairman of Best Buy Company, was born in 1949.

Best Buy is a multinational consumer electronics retailer that was founded in 1966 as an audio specialty store. It has since expanded to become one of the largest electronics retailers in the world.

On August 22, 1966, Richard M. Schulze and a business partner opened Sound of Music, an electronics store specializing in high fidelity stereos in St. Paul, Minnesota.

In 1967, Sound of Music acquired Kencraft Hi-Fi Company and Bergo Company, expanding its business operations.

By 1969, Sound of Music had three stores and the company became a publicly held company listed on the NASDAQ exchange.

In 1981, Best Buy introduced a high-volume, low-price business model at its Burnsville location, which was inspired by a successful Tornado Sale. This model contributed to the company's growth and success.

In 1982, Sound of Music, Inc. was renamed Best Buy Co., Inc. with a shift towards a broader customer base and expanded product offerings, leading to increased revenues.

In 1983, the company changed its name to Best Buy Co. Inc. and opened its first superstore.

In 1984, Best Buy introduced the superstore format, capturing a significant market share and rapidly expanding its presence, leading to a listing on the New York Stock Exchange in 1987.

In 1985, Best Buy became a publicly traded company, marking a significant milestone in its corporate history.

In 1987, Best Buy made its debut on the New York Stock Exchange, marking a significant milestone in the company's history.

In 1988, Best Buy introduced the 'Concept II' store concept, which aimed to create a more customer-friendly shopping environment by implementing various changes in store layout and sales strategies.

In 1989, Best Buy implemented a new warehouse-style retail strategy, revolutionizing the way consumer electronics were sold.

In 1991, Brad Anderson was appointed as the President and COO of Best Buy, a position he held until becoming the CEO in 2002.

In 1992, Best Buy achieved the milestone of reaching $1 billion in annual revenues.

By 1993, Best Buy had grown to become the second-largest consumer electronics retailer in the United States, solidifying its position in the market.

In 1994, Best Buy introduced 'Concept III' stores in new markets, offering expanded product offerings and innovative features like touchscreen kiosks and demonstration areas.

In 1995, Best Buy introduced a standard operating platform, streamlining its operations and enhancing efficiency.

Best Buy introduced the Concept IV format in 1998, featuring more high-tech products, merchandise grouped in departments, cash registers throughout the store, and 'high touch' areas for digital products.

In 1999, Best Buy was included in the prestigious Standard & Poor’s S&P 500 index.

In December 2000, Best Buy acquired Magnolia Hi-Fi, Inc., an audio-video retailer located in California, Washington, and Oregon.

Best Buy acquired Musicland Stores Corporation for $425.1 million in cash plus the assumption of $271.2 million in debt. Musicland operated more than 1,300 stores in 49 states and Puerto Rico, including Sam Goody, Suncoast Motion Picture Company, Media Play superstores, and On Cue stores.

Best Buy acquired Future Shop Ltd., the largest consumer electronics retailer in Canada, for $368 million. Future Shop operated 88 stores throughout Canada and had annual sales of $1.32 billion.

In July 2002, Brad Anderson took over as the CEO of Best Buy, succeeding Richard Schulze. Anderson had a long history with the company, starting in 1973 and working his way up through various positions.

In September 2002, Best Buy opened its first Canadian store in Mississauga, Ontario, marking its expansion into the Canadian market.

In October 2002, Best Buy acquired Geek Squad, a residential computer repair business based in Minneapolis, Minnesota, expanding its services and reach.

In June 2003, Best Buy divested itself of Musicland in a deal with Sun Capital Partners, transferring all of Musicland's stock and debt to the latter.

In July 2003, Best Buy introduced its 'Reward Zone' loyalty program after testing it for 8 months in San Diego, California.

In January 2004, Best Buy enlisted Virtucom Group to overhaul its website and manage all online content.

In May 2004, Best Buy initiated the 'customer centricity' program, which involved segmenting stores based on customer profiles and directing employees to cater to specific customer groups.

In October 2004, Best Buy finished implementing Geek Squad 'precincts' in all American Best Buy stores.

In April 2005, Best Buy started to remove the option of mail-in rebates for their products.

In May 2006, Best Buy purchased a majority stake in Chinese appliance retailer Jiangsu Five Star Appliance for $180 million. Jiangsu was a significant player in the Chinese appliance market with 193 stores in eight provinces.

In June 2006, Best Buy introduced Geek Squad precincts at Office Depot in Orlando, Florida, as a market test. This initiative was later expanded to Denver, Colorado.

In January 2007, the first Best Buy-branded store in China opened in Shanghai, marking the company's entry into the Chinese market.

In March 2007, Best Buy acquired Speakeasy, a Seattle-based broadband VOIP, data, and IT services provider for $80 million, integrating its products into Best Buy's For Business program.

In October 2007, Best Buy became the first consumer-electronics retailer to exit the analog television market, focusing solely on digital products ahead of the FCC's mandatory transition in June 2009.

Connecticut Attorney General Richard Blumenthal ordered an investigation into Best Buy's in-store website for allegedly misleading customers on item sales prices. The Los Angeles Times also reported on the issue, revealing that some customers were misled about the pricing on the in-store website.

The U.S. Federal Communications Commission fined Best Buy $280,000 for not informing customers that analog televisions sold would not receive over-the-air stations after the digital transition. Best Buy challenged the ruling, claiming compliance with FCC regulations.

In April 2010, Best Buy launched its inaugural United Kingdom-based store in Thurrock, marking the beginning of its presence in the UK market. The company later expanded to operate a total of 11 Best Buy stores in the United Kingdom before closing them all in November 2011.

In February 2011, Best Buy closed all of its Best Buy-branded stores in China and merged operations with Jiangsu Five Star, a subsidiary acquired in 2009.

In November 2011, Best Buy acquired The Carphone Warehouse's share of Best Buy Mobile for $1.3 billion. This transaction solidified Best Buy's position in the mobile phone market.

In December 2011, Best Buy acquired mindSHIFT Technologies, a company specializing in IT support for small and medium-sized businesses, for $167 million.

On April 10, 2012, Best Buy CEO Brian Dunn abruptly resigns following an investigation initiated by the board's audit committee. The company acknowledges the situation and appoints George 'Mike' Mikan as the interim CEO.

On April 20, 2012, the Best Buy board establishes a four-member committee tasked with finding a new CEO to lead the company. This move follows the resignation of the previous CEO and aims to ensure stable leadership.

In 2014, Best Buy settled for $4.55 million in a class-action lawsuit filed against them in April 2010 by consumers who claimed Best Buy was making unsolicited phone calls in contravention of the Telephone Consumer Protection Act.

On March 28, 2015, Best Buy announced the shutdown of the Future Shop chain in Canada, converting some locations into Best Buy stores and closing the rest permanently.

On March 1, 2018, the company announced that it would shut down its 250 standalone Best Buy Mobile stores in the United States by the end of May.

On May 9, 2018, the company unveiled a new logo for the first time in nearly three decades.

On July 2, 2018, Best Buy announced a reduction in store space dedicated to selling physical music, attributing it to the rise in popularity of streaming services.

On April 15, 2019, Best Buy announced that in June 2019, its current CFO, Corie Barry, would replace Hubert Joly as CEO.

On October 31, 2021, a tornado struck the Roseville, Minnesota Best Buy location, recalling a similar incident in 1981 when the store was hit by a tornado.

CBC News revealed that Best Buy technicians accessed private files, including intimate photos, on customer devices. One technician was caught copying photos onto a USB flash drive.

Under pressure from conservative groups, Best Buy agreed to block donations by employee resource groups to certain LGBT organizations supporting access to gender affirming care for trans minors. The decision faced criticism from various advocacy groups.