Best Buy Co., Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Founded by Richard Schulze in 1966 as Sound of Music, it evolved into a big-box superstore and expanded online, internationally, and through acquisitions like Geek Squad and Future Shop.
Richard Schulze opens Sound of Music, a small audio components store in St. Paul, Minnesota. #founding #business
Sound of Music incorporates as a company. #business #retail
Sound of Music grows to four locations, focusing on hi-fi audio equipment. #retail #expansion
A tornado hits the flagship Sound of Music store. Schulze holds a 'tornado sale' with leftover inventory, sparking the idea for a larger superstore format. #business #disaster
The first store under the 'Best Buy' name opens in Burnsville, Minnesota, with a superstore format carrying a wide selection of electronics. #retail #innovation
Best Buy becomes a publicly traded company on the NASDAQ under ticker BBY. #finance #ipo
Best Buy opens stores in Wisconsin and Illinois, beginning regional expansion. #expansion #retail
Best Buy rolls out larger stores with warehouse shelves and a self-service model, increasing inventory and sales. #retail #strategy
Best Buy launches Concept II stores with a no-commission, non-pressure sales environment, reducing costs and improving customer experience. #retail #innovation
Best Buy opens stores in Texas and other regions, becoming a national retailer. #expansion #retail
Best Buy launches its e-commerce website, BestBuy.com, offering online sales. #ecommerce #technology
Best Buy expands to the UK through a joint venture with Carphone Warehouse, opening stores under the Best Buy brand. #international #expansion
Best Buy acquires Magnolia Hi-Fi, a specialty audio and video retailer, to enter the high-end home theater market. #acquisition #retail
Best Buy acquires Future Shop, a Canadian electronics retailer, for $580 million, marking its entry into Canada. #acquisition #canada
Best Buy acquires Geek Squad, a computer repair and support services company, to provide in-store tech support. #acquisition #services
Best Buy opens its first store in China, in Shanghai, to tap into the growing Chinese market. #international #expansion
Best Buy acquires a majority stake in Jiangsu Five Star Appliance, a Chinese electronics retailer. #acquisition #china
Best Buy acquires Pacific Sales, a California-based home improvement retailer. #acquisition #retail
Best Buy launches Best Buy Mobile, a dedicated mobile phone retail concept. #retail #mobile
Best Buy acquires Napster, the digital music service, for $121 million. #acquisition #music
Best Buy opens stores in Mexico through a joint venture with Grupo Salinas. #international #expansion
Best Buy opens its first store in the UK, part of a joint venture with Carphone Warehouse. #international #expansion
Best Buy acquires the remaining stake in Five Star, making it a wholly owned subsidiary. #acquisition #china
Founder Richard Schulze steps down as CEO, with Brian Dunn taking over. #leadership #transition
CEO Brian Dunn resigns after an investigation into personal misconduct. Schulze temporarily chairs the board. #leadership #controversy
Hubert Joly becomes CEO, leading a turnaround strategy focusing on cost-cutting and store renovations. #leadership #turnaround
Best Buy plans to close 50 large-format stores and renovate hundreds more as part of restructuring. #retail #restructuring
Best Buy launches Samsung Experience Shops in many stores, showcasing Samsung products. #partnership #innovation
Best Buy sells its stake in Five Star and closes its own stores in China, exiting the Chinese market. #international #exit
Best Buy acquires MindShift, a mobile device security company, to enhance security offerings. #acquisition #technology
Best Buy reports a decline in same-store sales amid competition from online retailers like Amazon. #financial #retail
Best Buy introduces Total Tech Support, a subscription-based tech support service. #services #innovation
Best Buy scales its in-home advisor program, sending employees to customers' homes for consultations. #service #retail
Best Buy acquires GreatCall, a provider of connected health and mobile services for seniors, for $800 million. #acquisition #health
Corie Barry succeeds Hubert Joly as CEO, becoming the first female CEO of Best Buy. #leadership #diversity
During COVID-19, Best Buy is deemed essential and stays open for curbside pickup, boosting online sales. #covid19 #retail
Best Buy's online sales surge 100% year-over-year, driving record revenue. #ecommerce #financial
Best Buy lays off hundreds of employees and cuts costs amid slowing demand for electronics. #restructuring #retail
Best Buy reports a 10% decline in comparable sales for fiscal 2023, citing pandemic demand normalization. #financial #retail
Best Buy focuses on membership programs and services to drive growth amid ongoing retail challenges. #strategy #retail