Best Buy

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An Older Best Buy In Overland Park, Kansas, Which Opened In 1994

Best Buy is a computer retailer and electronic store. It is the only computer retailer that is national, since Circuit City went out of business in 2009. It competed with Fry's Electronics in the western US and with the hhgregg in the eastern US (both are defunct). Internationally, Best Buy also operates in Canada and Mexico, and was formerly operational in China until February 2011 (when the faction was merged with Five Star) and in Europe until 2012. Its subsidiaries include Geek Squad, Magnolia Audio Video, and Pacific Sales. Best Buy also operates the Insignia brand in North America, plus Five Star in China. They also operated Best Buy Mobile stores until 2021. Best Buy sells cellular phones from Verizon Wireless, AT&T Mobility, Sprint Corporation, and Boost Mobile in the United States. In Canada, carriers include Bell Mobility, Rogers Wireless, Telus Mobility, their fighter brands, and competing smaller carriers, such as SaskTel. And it has around 1,000 Stores in the U.S.A

Early history[]

31443B9C-C465-4C2A-BD43-C4E5372B30CD — Sound of Music logo from 1965-1983

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. Schulze financed the opening of his first store with his personal savings and a second mortgage he took out on his family's home. In 1967, Sound of Music acquired Kencraft Hi-Fi Company and Bergo Company. Sound of Music earned $1 million in revenue and made about $58,000 in profits in its first year. In 1969, Sound of Music had three stores and Schulze bought out his business partner.

Sound of Music operated nine stores throughout Minnesota by 1978.^[26] In 1981, the Roseville, Minnesota Sound of Music location, at the time the largest and most profitable Sound of Music store, was hit by a tornado.^[23] The store's roof was sheared off and showroom destroyed, but the storeroom was left intact. In response, Schulze decided to have a "Tornado Sale" of damaged and excess stock in the damaged store's parking lot.^[23] He poured the remainder of his marketing budget into advertising the sale, promising "best buys" on everything.^[27] Sound of Music made more money during the four-day sale than it did in a typical month.

In 1983, with seven stores and $10 million in annual sales, Sound of Music was renamed Best Buy Company, Inc.^[26][27] The company also expanded its product offerings to include home appliances and VCRs, in an attempt to expand beyond its then-core customer base of 15-to-18-year-old males. Later that year, Best Buy opened its first superstore in Burnsville, Minnesota.^[27] The Burnsville location featured a high-volume, low price business model, which was borrowed partially from Schulze's successful Tornado Sale in 1981.^[23][27] In its first year, the Burnsville store out-performed all other Best Buy stores combined.

Locations[]

Main article: Best Buy/Locations

Best Buy

Early history[]

Locations[]

See also[]