In August 1966, Richard M. Schulze and a business partner opened Sound of Music, an electronics store specializing in high fidelity stereos in Saint Paul, Minnesota. Schulze financed the opening of his first store with his personal savings and an $8,000 loan from his father.
Sound of Music acquired Kencraft Hi-Fi Company and Bergo Company in 1968.
The company grew rapidly, and by the end of the 1970s, it was operating 12 stores in Minnesota and other states. In 1983, with seven stores and $10 million in annual sales, Sound of Music was renamed Best Buy Company, Inc. The company expanded rapidly in the 1980s and 1990s, opening stores in many U.S. states.
In August 2001, Best Buy acquired Musicland Stores Corporation, a national retailer of music CDs, DVDs and related accessories, for $365 million. The acquisition helped to fuel Best Buy’s expansion into Canada.
In May 2002, Best Buy opened its first store in China. The following year, the company opened its first store in the United Kingdom. In September 2009, Best Buy acquired Napster, a digital music service.
Best Buy has continued to grow in recent years through a combination of store openings and acquisitions. In March 2018, the company announced that it would acquire home furnishings retailer Hhgregg for $1.3 billion.
Best Buy took over Sound of Music in 1968, which then changed its name to Best Buy Company Inc. In 2001, Best Buy acquired Musicland Stores Corporation and in 2009 Napster.
