Best Buy Co., Inc. is an American multinational consumer electronics corporation headquartered in Richfield, Minnesota, a Minneapolis suburb. It operates in the United States, Puerto Rico, Mexico, Canada, and China. The company was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialty store called “The Sound of Music.” In 1983, it was renamed and rebranded with more emphasis placed on consumer electronics.
They operate nearly 2,000 stores worldwide. They generated nearly 7 billion in revenue in 2014, although their revenue has been steadily decreasing over the last few years. Their sales have declined to the point where they are now price-matching Amazon in an effort to keep customers from using them as a showroom to test products that they ultimately buy online. (I can say I’ve done this myself, since I found a TV they had for $50 less on Amazon with free delivery and setup.)
After the closure of Circuit City, Best Buy became pretty much the only mass retailer of electronics left so they have managed to stay around, but with steadily declining sales and almost everything they carry available online, their future is definitely murky.
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