Best Buy

Best Buy was founded by Richard M. Schulze and James Wheeler. They opened the first store in West St. Paul, Minnesota, with an original focus on audio products. The company started under the name Sound of Music, which later evolved into the electronics retail giant known today as Best Buy.

In 1983, Sound of Music, the original name of Best Buy, was rebranded as Best Buy Co., Inc. This move marked a strategic shift to superstore format and a focus on consumer electronics. The rebranding was part of a larger plan to expand inventory and offer discounted prices, leading to the vast product offerings Best Buy is known for today.

In 1996, Best Buy launched its first online store at bestbuy.com. This significant step was part of the company's broader strategy to embrace the growing trend of e-commerce. By establishing a digital presence, Best Buy aimed to reach a wider audience and adapt to changing consumer shopping habits, enhancing its competitive edge in the retail market.

Best Buy acquired Geek Squad in 2002, integrating its computer repair services into the company's offerings. This acquisition allowed Best Buy to provide enhanced customer support by offering in-home and in-store technology services, setting it apart from competitors. The inclusion of Geek Squad services boosted customer satisfaction and loyalty.

In December 2008, Best Buy expanded its operations to Europe by acquiring a 50% stake in Carphone Warehouse's retail business for $2.1 billion. This move marked Best Buy's first major international expansion, allowing it to enter the European market under the Best Buy Europe banner and strategically grow its presence beyond the United States and Canada.

Best Buy closed its Europe business in 2011 after facing continued losses. The company sold its stake back to Carphone Warehouse. Despite initial expectations of growth, Best Buy struggled with adoption in the European markets, leading to this retreat. This event forced Best Buy to reassess its international strategy and focus more on its North American operations.

Hubert Joly was appointed CEO of Best Buy in 2012, taking over at a challenging time when the company was facing declining sales and increasing competition. Known for his turnaround expertise, Joly implemented the Renew Blue strategy that refocused operations, optimized the online marketplace, and enhanced the in-store experience to drive profitability and relevance.

In 2013, under the leadership of CEO Hubert Joly, Best Buy launched the Renew Blue strategy. This initiative aimed to revitalize Best Buy by enhancing customer service, optimizing the supply chain, improving the shopping experience, and expanding digital capabilities. It helped stabilize financials and set Best Buy on a path to recovery and growth.

In 2015, Best Buy closed 66 Future Shop outlets in Canada, consolidating operations under the Best Buy brand. This move was part of a strategy to streamline its Canadian operations and eliminate redundancy. Some stores were converted to Best Buy locations, and the restructuring was designed to enhance the brand’s focus on profitability within the Canadian market.

Best Buy acquired GreatCall, a senior-focused connected health services provider, in 2018 for $800 million. This acquisition allowed Best Buy to expand its reach into the health technology market, leveraging GreatCall's customer base and expertise to offer connected health and personal emergency response services, thus diversifying its service offerings.

Corie Barry became the first female CEO of Best Buy in February 2020, succeeding Hubert Joly. Her leadership came at a critical time, as the company faced the global COVID-19 pandemic. Barry focused on accelerating Best Buy's digital transformation and adapting operations to new consumer behaviors, emphasizing flexibility and resilience in the business model.

In March 2020, Best Buy rapidly adapted to the COVID-19 pandemic by closing store interiors and shifting to curbside pickup and delivery services. This strategy aimed to protect customers and employees while maintaining business operations. The agility in response helped Best Buy sustain its sales performance and continue serving customers effectively during the crisis.