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Best Buy: A One Stop Shop For Consumer Electronic Goods And Services

Best Buy is the largest consumer electronics retailer in the US, Canada and Mexico.   The company has held the distinction of providing all kinds of electronics at competitive prices across the three countries. In the years since launch, the company has also added other technology services like installation to its repertoire. Notably, the company has its headquarters in Richfield, Minnesota with Hubert Joly serving as the executive chairman. Corrie Barry is the CEO while Mike Mohan is the COO and President. 

Richard M. Schulze founded this company in 1966 as an electronics store in Minnesota.  Schulze gradually expanded and by 1978 had nine ‘Sound of Music’ stores across Minnesota. In 1981, a tornado hit his largest store and Schulze decided to have a ‘tornado sale’ of damaged and excess goods. 

He promised what he called “Best Buys” for goods in subsequent marketing initiatives. The low price, high volume store operation caught on and in 1983, the stores took the name “Best Buy” with over $10 million in combined revenue. The store debuted on the NY stock exchange in 1987 and had over $1 Billion in revenue by 1992. Schulze served as the CEO until2002 when Brad Anderson succeeded him.

Product Range

Best Buy is a great electronics solution for your computer and mobile phone needs. Accordingly, products like e-readers, networking products, tablets, and wearables are part of its catalogue. Moreover, the stores and online platforms provide digital imaging, health and fitness, home theater, portable audio and smart home products. 

Other kinds of entertainment products and services like drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality solutions are available. Entertainment, music and action sport video games add to the extensive list. 

In addition to that, Best Buy stocks appliances like dishwashers, laundry appliances, ovens, refrigerators, blenders and even coffee makers. Besides, you can find consultation, design, delivery, installation, memberships, protection plans, and repair and set-up services. This means that Best Buy literally has you covered on all electronic services angles.

Organization

Best Buy has held on pretty well even with Amazon swallowing most other retailers in the market. In the year 2018 alone, the company had a revenue of over $40 Billion. Nonetheless, the company has had to shut down hundreds of stores across North America and Europe as more of retail moves online. 

At the moment, Best Buy has about 125, 000 employees in its stores across the world. They help foster the company’s reputation for efficiency and affordability of goods and services. 

Conclusion

In summary, Best Buy has maintained its allure over the decades by having volume versatility at competitive prices for customers of electronic goods and services. Accordingly, this Fortune 500 Company has maintained relevance to this day and will remain so for the foreseeable future. Visit www.bestbuy.com today to experience their range of products.