Best Buy is an American multinational consumer electronics retailer founded in 1966. It operates in the United States, Puerto Rico, Mexico, Canada, and China.
Best Buy is the largest consumer electronics retailer in the United States, accounting for about 20% of the market. As of February 3, 2020, the company has a market capitalization of $18.4 billion.
Best Buy was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialty store called Sound of Music. In 1983, Schulze bought out his business partner Smoliak and renamed the company Best Buy Company, Inc.
The company expanded rapidly in the 1980s and 1990s, opening stores in suburban shopping malls across the United States. Best Buy acquired Magnolia Hi-Fi in 2000 and entered the home theater market.
Best Buy has been struggling in recent years due to increased competition from online retailers such as Amazon.com. In an effort to revive its fortunes, Best Buy has been investing heavily in customer service and has been revamping its stores to create a more “open” shopping experience.
Despite its challenges, Best Buy remains a strong presence in the consumer electronics market and is worth $18.4 billion as of February 3, 2020.
