Founded in 1966, Best Buy Co., Ltd., a well-known shopping website, is a well-known retail brand in North America, mainly engaged in consumer electronics, home and office supplies, electrical appliances, entertainment software and related services
Bestbuy started as an audio accessories store called The Sound of Music. The company was founded in Minnesota in 1966 and changed its name to Best Buy in 1983. In 1983, we adjusted our marketing strategy and began to adopt mass marketing techniques, operating our stores under the concept of "super stores" to offer a wider range of products. In 1989, we abolished the commission-based sales model and introduced the business philosophy of self-service discount stores, which revolutionized our traditional retail methods and provided consumers with more autonomy and space in the shopping process. As one of the world's largest and most prestigious retail companies, Bestbuy is mainly engaged in consumer electronics, home and office supplies, electrical appliances, entertainment software and related services. As an innovative and growing Fortune 100 company, Best Buy's success is attributed to the passion, ingenuity and expertise of its more than 130,000 employees across the United States, Canada and China. From a small business start-up, the company has overcome obstacles such as industry mergers, corporate expansion, product centralization and accessibility, and has become a well-known $31 billion retail chain of technology and entertainment products and services in North America.
BEST BUY is the world's largest retail and distribution and services group for home appliances and electronics. The BEST BUY conglomerate includes BEST BUY Retail, Music Court Group, Future Mall Inc., Magnolia Hi-Fi, as well as Hotline Entertainment, Future Shop, and Five Star Appliances. BEST BUY is a leader in its industry in North America, focusing on its vision, mission and values. BEST BUY is ranked No. 66 on the Fortune 200 and No. 142 on the Global 500.
Company History
The company was founded in Minnesota in 1966 and changed its name to Best Buy in 1983.
In 1983, the company adjusted its marketing strategy and began to adopt mass marketing techniques, operating its branches under the concept of "super stores" to offer a wider range of products. In 1989, the company abolished the commission-based sales model and introduced the business philosophy of self-service discount stores, which completely changed the company's traditional retail methods and provided consumers with more autonomy and space in the shopping process.
In FY2000, the company launched its first online shopping site.
Best Buy's store model continues to evolve with more interactive presentations for specific products and better service to customers, resulting in further efficiencies and improved sales models. In FY2000, the company introduced the niche Best Buy store concept, which offers the same merchandise as the larger stores, but with a further breakdown of product assortment to meet the needs of each different community.
In fiscal year 2001, the company acquired the Magnolia Hi-Fi chain, a high-end audiovisual retailer based in Seattle and Washington, D.C., to capture a high-end consumer base in the market. In the 2004 fiscal year, Magnolia Hi-Fi changed its name to Magnolia Audio Video. The company believes the new name and redesigned logo better represent Magnolia Audio Video's image as a high-end consumer electronics retailer.
The acquisition of Future Shop, a major Canadian consumer electronics retailer, in fiscal year 2002 further solidified the company's internationalization strategy. The merger gives the companies the opportunity to increase sales, expand market share, and better leverage their respective expertise in the consumer electronics retail industry. In fiscal year 2003, the company introduced the Best Buy brand in Canada. Both brands have been very successful in their operations in the Canadian market.
The company acquired Geek Squad in fiscal year 2003. Geek Squad provides computer support services for both civil and commercial use. The acquisition of Geek Squad is aimed at further providing technical support services to customers.
In 2006, Best Buy acquired Pacific Sales Kitchen and Bath, a high-end household goods retailer.
Centers, Inc. The merger significantly enhances the company's ability to operate top appliance brands targeting high-end customers with a proven showroom model.
Acquired Jiangsu Five Star Electric
On May 12, 2006, Best Buy officially announced to the outside world that it had realized the acquisition of Jiangsu Five Star Electric Appliances by way of holding. So far, the top three Chinese home appliance chain enterprises: Gome, Suning and Best Buy. This is almost the same as the proportion of the world's top 100 retail lists, in recent years, about 10% of the list are large professional chain stores, of which about one-third are home appliance chain enterprises.
On February 22, 2011, Best Buy announced on its official website that it would close 9 Best Buy stores in Chinese mainland and plan to open nearly 50 five-star electrical appliance stores in China in 2012.
