Best Buy Co., Inc. (NYSE The New York Stock Exchange is a stock exchange located at 11 Wall Street in lower Manhattan, New York City, USA. It is the world's largest stock exchange by market capitalization of its listed companies at US$12.25 trillion as of May 2010. Average daily trading value was approximately US$153 billion in 2008: BBY) is a specialty retailer Retailing consists of the sale of goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce, a "retailer" of consumer electronics Consumer electronics include electronic equipment intended for everyday use. Consumer electronics are most often used in entertainment, communications and office productivity. Some products classed as consumer electronics include personal computers, telephones, MP3 players, audio equipment, televisions, calculators, GPS automotive navigation in the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language, accounting for 19% of the market. It also operates in Mexico In Pre-Columbian Mesoamerica many cultures matured into advanced civilizations such as the Olmec, the Toltec, the Teotihuacan, the Zapotec, the Maya and the Aztec before the first contact with Europeans. In 1521, Spain conquered and colonized the territory, which was administered as the viceroyalty of New Spain which would eventually become Mexico, Canada The land occupied by Canada was inhabited for millennia by various groups of Aboriginal peoples. Beginning in the late 15th century, British and French expeditions explored, and later settled, along the Atlantic coast. France ceded nearly all of its colonies in North America in 1763 after the Seven Years' War. In 1867, with the union of three, China b. ^ Simple characterizations of the political structure since the 1980s are no longer possible, Turkey Turkey , known officially as the Republic of Turkey ( Türkiye Cumhuriyeti (help·info)), is a Eurasian country situated in the Anatolian peninsula, located in Western Asia, and Eastern Thrace, located in southeastern Europe. Turkey is one of the six independent Turkic states. Turkey is bordered by eight countries: Bulgaria to the northwest; and the United Kingdom The United Kingdom of Great Britain and Northern Ireland[note 7] is a sovereign state located off the northwestern coast of continental Europe. It is an island country, spanning an archipelago including Great Britain, the northeastern part of the island of Ireland, and many small islands. Northern Ireland is the only part of the UK with a land.^[2] The company's subsidiaries include Geek Squad The Geek Squad is a subsidiary of the Best Buy Company and is based in Richfield, Minnesota. Originally founded on June 16, 1994 by Robert Stephens in Nelson, the company offers various computer-related services and accessories for residential and commercial clients. The Geek Squad provides services in-store, on-site, and over the Internet via, Magnolia Audio Video, Pacific Sales, and, in Canada operates under both the Best Buy and Future Shop Future Shop is Canada's largest consumer electronics retailer. Future Shop currently operates a total of 139 stores across all of Canada's provinces as of December 2008 label. Together these operate more than 1,150 stores in the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language, Puerto Rico Puerto Rico , officially the Commonwealth of Puerto Rico (Spanish: "Estado Libre Asociado de Puerto Rico" — literally Associated Free State of Puerto Rico), is an unincorporated territory of the United States, located in the northeastern Caribbean Sea, east of the Dominican Republic and west of the Virgin Islands, Canada The land occupied by Canada was inhabited for millennia by various groups of Aboriginal peoples. Beginning in the late 15th century, British and French expeditions explored, and later settled, along the Atlantic coast. France ceded nearly all of its colonies in North America in 1763 after the Seven Years' War. In 1867, with the union of three, China b. ^ Simple characterizations of the political structure since the 1980s are no longer possible,^[3] Mexico In Pre-Columbian Mesoamerica many cultures matured into advanced civilizations such as the Olmec, the Toltec, the Teotihuacan, the Zapotec, the Maya and the Aztec before the first contact with Europeans. In 1521, Spain conquered and colonized the territory, which was administered as the viceroyalty of New Spain which would eventually become Mexico, and Turkey Turkey , known officially as the Republic of Turkey ( Türkiye Cumhuriyeti (help·info)), is a Eurasian country situated in the Anatolian peninsula, located in Western Asia, and Eastern Thrace, located in southeastern Europe. Turkey is one of the six independent Turkic states. Turkey is bordered by eight countries: Bulgaria to the northwest;.^[4] The company's corporate headquarters are located in Richfield, Minnesota Richfield is a city in Hennepin County, Minnesota, United States. An inner-ring suburb of the Minneapolis-St. Paul region, it is bordered by Minneapolis on the north, Minneapolis-St. Paul International Airport to the east, Bloomington to the south, and Edina to the west. Best Buy, the U.S.'s largest electronics retailer, has its headquarters in.

With the 50% acquisition of UK The United Kingdom of Great Britain and Northern Ireland[note 7] is a sovereign state located off the northwestern coast of continental Europe. It is an island country, spanning an archipelago including Great Britain, the northeastern part of the island of Ireland, and many small islands. Northern Ireland is the only part of the UK with a land-based mobile phone operation The Carphone Warehouse The Carphone Warehouse Group PLC , known as The Carphone Warehouse, is Europe's largest independent mobile phone retailer, with over 1,700 stores across Europe. They are based in the United Kingdom. Outside the UK and the Republic of Ireland, the retailer is named The Phone House's retail division in the second quarter of 2008, Best Buy announced that it would open branded superstores in the UK and other European countries.^[5] Best Buy will first open stores in the UK, with plans for up to 200 stores eventually, although the initiative has been delayed until the second quarter of 2010 by the state of the retail market.^[6] It is also considering purchasing UK rivals Kesa Electricals Kesa Electricals plc is a leading European consumer electronics and household appliance retailing group. It is the third largest electrical group in Europe. It is dual-listed on the London Stock Exchange and Euronext and is a member of the FTSE 250 index (owner of Comet Comet is an electrical retailer in the United Kingdom, which is owned by KESA Electricals plc after the demerger of Kingfisher plc. The group was founded in 1933 by George Hollingberry in Hull as Comet Battery Stores Limited. The retailer specialises in electrical retailing after Comet demerged from Kingfisher, which also owns electrical retailer), DSG International DSG international plc (Dixons Store Group) is one of the largest consumer electronics retailers in Europe. The company operates the Dixons, Dixons Travel, Currys, Currys.digital, PC World and Electro World stores along with many other brands across Europe including Equanet and Advent Computers (owner of Currys Currys is an electrical retailer in the United Kingdom and Ireland and is owned by DSG International plc. It specialises in home electronics and household appliances, with 295 superstores and 73 high street stores. It is often supported with the marketing slogan; "Currys, We can help" and PC World), or both.^[7] It is unknown whether these stores will rebrand if acquired by Best Buy. The first two Best Buy stores in the UK will open at The Junction retail park near Lakeside Shopping Centre The Lakeside Shopping Centre is a large out-of-town shopping centre located in West Thurrock, in the borough of Thurrock, Essex just beyond the eastern boundary of Greater London. It opened on 25 October 1990 in Thurrock Essex, and near Southampton at Prupim’s Hedge End Retail Park.^[8] A 10-year lease has been signed for the Lakeside store with 55,000 square foot of retail space, while the Southampton store will cover 35,000 square foot. In total 20 locations were planned for 2009 which will all be big box A big-box store is a physically large retail establishment, usually part of a chain. The term sometimes also refers, by extension, to the company that operates the store. Examples include large department stores such as Wal-Mart and Target format, however the company is looking for a flagship store in Central London Central London is the innermost part of London, England. There is no official or commonly accepted definition of its area, but its characteristics are understood to include a high density built environment, high land values, an elevated daytime population and a concentration of regionally, nationally and internationally significant organisations in a prominent area such as Piccadilly Circus Piccadilly Circus is a famous road junction and public space of London's West End in the City of Westminster, built in 1819 to connect Regent Street with the major shopping street of Piccadilly. In this context, a circus, from the Latin word meaning "circle", is a round open space at a street junction. Coordinates: 51°30′36″N 0°8′, Oxford Street Oxford Street is a major thoroughfare in London, England in the City of Westminster. With over 300 shops, it is Europe's busiest shopping street, as well as the most dense. The street derives its name from being part of the old London—Oxford Road which began at Newgate, City of London. Today the road forms part of the A40, although it is not or Regent Street Regent Street is one of the major shopping streets in London's West End, well known to tourists and Londoners alike, and famous for its Christmas illuminations. It is named after the Prince Regent , and is commonly associated with the architect John Nash, although all his original buildings except All Souls Church have since been replaced.^[9][10] There is also a store opening at the Merry Hill Centre in Brierley Hill Brierley Hill is a town and electoral ward of the Metropolitan Borough of Dudley, West Midlands, England. It is one of the larger Black Country towns with a population of 9,631 and is heavily industrialised, best known for glass and steel manufacturing, although the industry has declined considerably since the 1970s. One of the largest factories, West Midlands The West Midlands is a metropolitan county in western central England with a population of 2,591,300. It came into existence as a metropolitan county in 1974 after the passage of the Local Government Act 1972, formed from parts of Staffordshire, Worcestershire and Warwickshire. The county consists of seven metropolitan boroughs: the City of.^[11] The company announced plans to open a fourth outlet at Aintree Retail Park in Liverpool by spring 2010.772487.100_new_jobs_set_for_new_Merry_Hill_electronics_store/ |title=100 new jobs set for new Merry Hill electronics store |date=December 3, 2009 |work=stourbridgenews.co.uk |publish

Best Buy was named "Company of the Year" by Forbes Forbes, Inc. is a privately held publishing and media company. Its flagship publication is Forbes, a bi-weekly magazine, with a circulation over 900,000. In August 2006, the private equity firm, Elevation Partners, became a minority shareholder in a newly formed company, Forbes Media, which encompasses Forbes magazine and Forbes.com, one of the magazine in 2004,^[12] "Specialty Retailer of the Decade" by Discount Store News in 2001,^[13] ranked in the Top 10 of "America's Most Generous Corporations" by Forbes Forbes, Inc. is a privately held publishing and media company. Its flagship publication is Forbes, a bi-weekly magazine, with a circulation over 900,000. In August 2006, the private equity firm, Elevation Partners, became a minority shareholder in a newly formed company, Forbes Media, which encompasses Forbes magazine and Forbes.com, one of the magazine in 2005 (based on 2004 giving),^[14] and made Fortune Fortune is a global business magazine published by Time Inc.'s Fortune|Money Group. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest media conglomerate. Fortune' magazine's List of Most Admired Companies in 2006.^[15]

On March 9, 2009, Best Buy became the primary electronics retail store (online Electronic commerce, commonly known as e-commerce or eCommerce, consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage. The use of commerce is conducted in this way, and bricks and mortar Brick and mortar refers to a company that possesses a building or store for operations. The name is a metonym derived from the traditional building materials associated with physical buildings – bricks and mortar – in contrast with online stores, which have no physical presence) in the eastern United States The Eastern Half of The United States, the American East, or simply the East is traditionally defined as the states east of the Mississippi River.[citation needed] The first two tiers of states west of the Mississippi have traditionally been considered part of the West, but can be included in the East today; usually in regional models that exclude, after smaller rival Circuit City went out of business. Fry's Electronics Fry's Electronics is a specialty retailer of software, consumer electronics, computer hardware and household appliances with a chain of superstores headquartered in Silicon Valley. Starting with one store located in Sunnyvale, California, by 2007 the chain posted sales of $2.35 billion with 34 stores located in several Western states, two in remains a major competitor in the western United States The Western United States, commonly referred to as the American West or simply "the West," traditionally refers to the region comprising the westernmost states of the United States. Because the U.S. expanded westward after its founding, the meaning of the West has evolved over time. Prior to about 1800, the crest of the Appalachian. Many locations feature in-store pickup, which can be arranged through the company's website.^[16]

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Best Buy is sometimes called the "big blue box" because of the prominent design on Best Buy stores. This store is located in East Palo Alto, California East Palo Alto is a city in San Mateo County, California, United States. Best Buy #5, Edina, Minnesota Edina is a city in Hennepin County, Minnesota, United States, and a first-ring suburb situated immediately southwest of Minneapolis. Edina began as a small farming and milling community in the 1860s and is today a 95 percent developed metropolitan community. The population was 47,425 at the 2000 census: this was the fifth store ever constructed and retains the small size, old logos, and signage (including "Best Buy Co." and "Best Buy Superstore"); this location originally was a "Sound of Music". Older stores have been demolished or completely renovated.

• 1966 – Richard M. Schulze and business partner James Wheeler open Sound of Music, an audio specialty store, in Saint Paul, Minnesota Saint Paul is the capital and second-most populous city of the U.S. state of Minnesota. The city lies mostly on the north bank of the Mississippi River, downstream of the river's confluence with the Minnesota River, and adjoins Minneapolis, the state's largest city. Known as the "Twin Cities", these two cities form the core of^[17][18]
• 1967 – Sound Of Music acquires Kencraft Hi-Fi Company and Bergo Company. Second and third Sound of Music stores are opened near the University of Minnesota The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fifth-largest main campus student body in the United States, with 51,140 students in 2008–2009 and in downtown Minneapolis. The Sound of Music ends its first year with gross sales of $173,000(USD)
• 1969 – Sound of Music stock first traded as publicly-held company; company enacts first employee stock option plan; three stores opened in the Twin Cities area
• 1970 – Sound of Music hits the $1 million mark in annual revenues
• 1979 – Sound of Music becomes the first suppliers of video and laserdisc The LaserDisc is a home video disc format, and was the first commercial optical disc storage medium. Initially marketed as Discovision in 1978, the technology was licensed and sold as Reflective Optical Videodisc, Laser Videodisc, Laservision, Disco-Vision, DiscoVision, and MCA DiscoVision until Pioneer Electronics purchased the majority stake in equipment including Panasonic Panasonic Corporation (TYO: 6752 NYSE: PC), formerly known as Matsushita Electric Industrial Co., Ltd. (松下電器産業株式会社, Matsushita Denki Sangyō Kabushiki-gaisha?), is a Japanese multinational corporation headquartered in Kadoma, Osaka, Japan. Its main business is in electronics manufacturing and it produces products under a, Magnavox Magnavox is an American electronics company founded by Edwin Pridham and Peter L. Jensen. They invented a moving-coil loudspeaker in 1915 at their lab in Napa, California and they named their brainchild "Magnavox". The company was formed in 1917 under the same name to market the invention, Sony Sony Corporation (TYO: 6758, NYSE: SNE), or commonly referred to as Sony, is a Japanese multinational conglomerate corporation headquartered in Minato, Tokyo, Japan and the world's fifth largest media conglomerate with revenue exceeding ¥ 7.730.0 trillion, or $78.88 billion U.S. (FY2008). Sony is one of the leading manufacturers of electronics, and Sharp Sharp Corporation (TYO: 6753, Osaka Sec. Ex.: 6753, Nagoya Stk. Ex.: 6753, Fukuoka Stk. Ex.: 6753, Sapporo Sec. Ex.: 6753, LuxSE: SRP) is a Japanese multinational corporation that designs and manufactures electronic products. Headquartered in Abeno-ku, Osaka, Japan, Sharp employs more than 54,144 people worldwide as of October 31, 2009. The
• 1981 – A tornado hits the Roseville, Minnesota Roseville is a city in Ramsey County, Minnesota, just north of Saint Paul and east of Minneapolis. It is one of two Twin Cities suburbs geographically adjacent to both Saint Paul and Minneapolis . The land comprising Falcon Heights, Lauderdale, and the southern area of Roseville was part of Saint Paul until 1948 when these towns incorporated.[ store on June 14. Sound of Music responds with a "Tornado Sale," (with the sale promoted as a "Best Buy") and it becomes an annual event
• 1983 – Sound of Music’s board of directors approves a new corporate name: Best Buy Co., Inc.;^[17] opens first superstore in Burnsville, Minnesota, featuring expanded selling space, a wide assortment of discounted brand-name goods, central service, and warehouse distribution; stores begin selling appliances and videocassette recorders
• 1985 – Best Buy (symbol BBY) debuts on the New York Stock Exchange^[17] with an offering of 8.3 million shares
• 1987 – Best Buy’s brand logo changes to the yellow tag
• 1989 – Best Buy unveils a new “grab-and-go” store format
• 1990 – Best Buy eliminates commissions for standalone sales people, but retains bonuses for management and supervisors
• 1992 – Best Buy hits the $1 billion mark in annual revenues
• 1994 – Best Buy expands to the Maryland and Virginia markets
• 1997 – Best Buy becomes the first national retailer to sell DVD hardware and software.^{[citation needed]}
• 1998 – Best Buy sponsors Stevie Nicks Enchanted Tour
• 2000 – Best Buy enters the online retailing business by launching Bestbuy.com; Best Buy acquires Magnolia Hi-Fi, a retailer of high-end consumer electronics;^[17] music Compact Cassettes are removed from most stores

Future Shop store in Halifax, Canada Best Buy Store located in Shanghai, China This Best Buy logo has appeared at select stores. Its replacement status remains unknown.

• 2001 – Best Buy acquires the Canada-based electronics-chain Future Shop Ltd.,^[17] which marks the company's entrance to the international marketplace;^[18] though fully owned by Best Buy, Futureshop remains to this day a separate entity operating independently from Best Buy Canada; Best Buy acquires Musicland,^[17] a mall-based retailer for music and entertainment software; Best Buy launches Redline Entertainment, an independent music label and action-sports video distributor
• 2002 – Brad Anderson succeeds Schulze as Best Buy's CEO; the company acquires Geek Squad, a 24-hour computer support taskforce; first Canadian Best Buy store opens in Markham, Ontario
• 2003 – U.S. Best Buy stores surpass the 600 mark. The company opens its first global sourcing office in Shanghai; the corporate offices are consolidated in one headquarters campus; Best Buy divests itself of Musicland;^[17] the company begins to segment their stores, which is considered a major part of the company's "customer centricity" transformation; the Reward Zone loyalty program is introduced in the U.S.
• 2004 – Virtucom Group of Syracuse, New York is hired to handle all online content for Best Buy which generates over $3 billion per year in revenues.
• 2004 – Geek Squad precincts are opened in every Best Buy store nationwide, offering in-store service during store business hours
• 2006 – Best Buy acquires a majority interest in the retail chain Jiangsu Five Star Appliance Co., Ltd., China’s fourth-largest appliance and consumer electronics retailer.^[19] Best Buy opens its 800th store in Chicago, Illinois.
• 2007 – On January 26, 2007, the first Best Buy in China had its grand opening - touted as the largest Best Buy in existence. In March, Best Buy announced plans to purchase Seattle, WA based Speakeasy, Inc., a broadband and VOIP services provider.^[20] Best Buy becomes the first major retailer to exit the analog television market, carrying only digital products that became mandatory in June 2009 by the FCC.^[21]
• 2007 – Best Buy launches mini-Geek Squad precincts in Office Depots in Orlando, Florida and Denver, Colorado. They also launched mini-Geek Squad precincts in Fedex Kinkos in Indianapolis, Indiana and Charlotte, North Carolina. These test markets and/or relationships with these companies ended in all markets late 2007 early 2008.
• 2008 – Best Buy opens 1,000th physical store on October 24, this store located within the Mall of America in Bloomington,_Minnesota opened in August 2008.^{[citation needed]}
• 2008 – Best Buy announces the opening of its first pilot stores in Puerto Rico,^[22] and Mexico, as well as another store in Shanghai. Best Buy decides to promote Blu-ray over HD-DVD, a move which ultimately contributed to Toshiba's Corps. decision to drop HD-DVD.^[23] In May it agreed to buy a 50% holding in UK-based mobile phone operation Carphone Warehouse's retail division, Best Buy also announced that it will open branded superstores in the UK and other European countries. On July 29, Best Buy announced that it will start selling musical instruments and related gear in over 80 of its retail stores, making the company the second largest musical instrument distributor in the US (the largest being Guitar Center).^[24] In early summer, Best Buy announced its addition of Best Buy Mobile to every store. On September 7, Best Buy became the first third party to sell Apple's iPhone, adding it to all Best Buy Mobile stores.^[25] In mid-September, Best Buy announced its planned acquisition of Napster for $121 million.^[26] A different Best Buy logo began to appear in some stores and in some company websites. This logo has a tag with yellow outline. The "Best Buy" text is outside the tag. It is unclear if this logo will replace the current one.^[27][28]
• 2009 – Best Buy Canada in Partnership with Carphone warehouse opens a Best Buy Mobile "Store Within a Store" at all Best Buy locations.^[29] During October 2009, the website BestBuy.com had a facelift. The font used in the site was changed to the font seen in the alternative logo that appeared in 2008. In November, Best Buy announced plans to team with Roxio CinemaNow to launch an on-demand movie download service that will allow customers to pipe Hollywood hits into any device sold by Best Buy that connects to the internet. This currently^[when?] unnamed service is expected to be available in early 2010. Once available, consumers will be able to buy or view more than 20,000 of CinemaNow's movie and television titles.^[30] On 19 December, the first Best Buy in Turkey opened in İzmir.^[31]
• 2010 Best Buy opens its first UK store in Thurrock, Essex. New locations have already been announced in Aintree in Liverpool, Hedge End in Southampton and Merry Hill, Dudley. Coinciding with their first store launch, Best Buy also launched their Customer engagement program for UK called as My Best Buy. In June 2010, Best Buy and Best Buy Mobile announced the launch of Best Buy Connect, a new mobile broadband service.

Contents 1 Business operations 2 Demographics 3 Best Buy exclusive brands 4 Corporate sponsorships 5 Expansion plans 6 Criticism and controversy 6.1 Warranty controversy 6.2 Christmas controversy 6.3 Pricing controversies 6.4 Analog televisions 6.5 Environmental issues 7 References 8 External links

Business operations

Best Buy Corporate Headquarters is located in Richfield, Minnesota, a suburb of Minneapolis. Best Buy Store in Edmonton, Canada Best Buy in Durham, North Carolina

Best Buy sells consumer electronics as well as a wide variety of related merchandise such as computers, computer software, video games, music, DVDs, Blu-ray discs, mobile phones, digital camera, car stereos and video cameras, as well as home appliances (washing machines, dryers, and refrigerators), in a non-commissioned sales environment. Each store also includes a department for audio/visual equipment for automobiles, offering on-site installation services, as well as a Geek Squad "precinct" for computer repair and warranty service and accidental service plans.

Best Buy prides itself on the fact that their sales people are not on commission.

Many Best Buy employees, especially at the corporate level, are under a policy of Results Only Work Environment. This model is increasingly being integrated at the store level.^[32]

Best Buy does not allow expensive gifts from vendors to be given to employees (SPIFFS, etc.), nor does it allow employees to collect tips or gifts from customers of any type.

Best Buy building exteriors are usually light brown in color with the entrance in an area designed to look like a blue box emerging from the rest of the structure. Older stores have a more utilitarian brick building without the blue structure.

In April 2005, the company was the first major retailer to announce the elimination of all mail-in rebates.^[33]

In March 2008, select stores began to offer auto detailing services, primarily in Ohio & Michigan.^[34]

During September 2008, partially in an effort to eliminate losses from customers who abused their Product Replacement Plan, an expanded warranty for smaller electronics, Best Buy changed their product guarantee system to Geek Squad Black Tie Gadgets and Gizmos. One notable change under the Gadgets and Gizmos plan is the gaming console exchange policy. Under this new system, the company sends the customer’s console to a refurbishing site if a hardware failure occurs after 30 days, instead of replacing it with a new one. The title "Gadgets and Gizmos" has since been eliminated, without change to the service procedures.

At the same time the Product Replacement Plan was changed, the company modified its Performance Service Plan, offered on many bigger ticket items, to a system called Geek Squad Black Tie Protection. The new service strategy includes variable levels of coverage. The standard-level plan operates similarly to the previous system, while new premium-level plans include extra services like limited free telephone troubleshooting, multi-year Geek Squad anti-virus/spyware protection, HDTV calibration, preventative maintenance checks on major appliances, and prioritization of service claims. Additionally, customers who purchase Geek Squad Black Tie Protection can claim points that, when accumulated on a Best Buy RewardZone account, can be used toward future purchases from the store or online.

As of December 28, 2008)^[update],^{[citation needed]} the company operated 1,010^{[citation needed]} Best Buy Stores, 13 Magnolia Audio Video Stores (specializing in high-end electronics), 7 stand-alone Geek Squad stores, 3 AudioVisions Stores, 13 Best Buy Mobile Stores (standalone) and 17 Pacific Sales Stores (in Southern California, Arizona, and Nevada), all through its U.S. retail subsidiary. They also operate 51 Best Buy and 140 Future Shop stores throughout Canada.^[35] In 2003, the company opened its first international global procurement office in Shanghai, and also operates sourcing offices in Beijing and Shenzhen, primarily to reduce costs and increase the speed to market by purchasing products directly from manufacturers. As of January 2009^[update], Best Buy operated five^[36] "branded" stores in Shanghai, one "premium" store in Beijing^{[citation needed]}, as well as 151 Five Star Appliance Stores in China.

Best Buy Express vending machine at Hartsfield–Jackson Atlanta International Airport

Best Buy operates numerous Best Buy Mobile stores within the U.S. as a joint venture with The Carphone Warehouse, using its successful UK business model; 13 of these are stand-alone locations (primarily in Manhattan). Best Buy Mobile locations offer customers a wider variety of cell phones than their other locations, some of which are "unlocked" phones that can be used on any GSM network. Best Buy Mobile also offers services comparable to those from carrier stores, including but not limited to a number transfer machine, warranty service on any phone, loaner phones, and the most popular carriers. Most current^[when?] Best Buy Mobile stores are located in or near the Northeast region of the U.S., though the company is expanding such that most or all U.S. locations will include Best Buy Mobile services by the end of 2008.^[37]

With the acquisition of Seattle based Speakeasy, Inc., Best Buy will be able to offer broadband and VoIP services to small businesses through their Best Buy for Business unit.^[38]

The domain bestbuy.com attracted at least 159 million visitors annually by 2008 according to a Compete.com survey.^{[citation needed]}

On February 15, 2009, Best Buy started an electronics recycling program.^[39]

Demographics

Customer Centricity is the name of a former business movement centered on catering to specific customer needs and behaviors.^[2] Best Buy's concept of customer centricity was configuring its stores to serve the needs of the particular customer segments that predominated in the area of each store. Some of the ways that the Best Buy company transformed its stores for a customer segmentation were using different types of store signage, fixtures, lighting and even uniforms. One of the things the company did for some segments was to create a personal shopping assistant, so that a customer could call and make an appointment for their shopping trip.^[2]

Best Buy exclusive brands

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• Insignia - Focuses on discount electronic equipment, including HDTVs, blu-ray players, home theater systems, digital imaging, and GPS.
• Dynex - Focuses on computer and entertainment accessories such as storage media, data and power cables, webcams, and office supplies. Dynex is also their lower-end house brand for HDTV's and DVD players, while Insignia has been upgraded to compete with more known brand names.
• Init - Focuses on storage products such as media storage, equipment bags, totes and furniture for home theaters.
• Geek Squad - Focuses on repairing old computers and setting up new computers with various software and hardware upgrades. They formerly also focused on high end computer cables and accessories, whose product line was discontinued in early 2010.
• RocketFish - Focuses on high end cables primarily used with home theater installation and setup as well as on computer and gaming accessories.
• RocketFish Gaming - Gaming Division of RocketFish
• RocketFish Mobile - Focuses on quality cases, gel skins, clips and chargers for cell phones, GPS, and other select products.
• Platinum Cases - Focuses on quality cases and belt clips for BlackBerry and Android Cell Phones.
• vpr Matrix (discontinued) - Focused on personal computers and accessories including desktops, notebooks and computer monitors.

Corporate sponsorships

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• Best Buy sponsors the Minnesota Twins, Chicago White Sox, Boston Red Sox, Los Angeles Angels, Los Angeles Dodgers, Atlanta Braves, and Houston Astros of Major League Baseball.^{[citation needed]}
• Best Buy is also the shirt sponsor for MLS team Chicago Fire.
• Best Buy sponsors the Richard Petty Motorsports #43 Ford Fusion driven by A. J. Allmendinger in the NASCAR Sprint Cup Series.
• Best Buy sponsors the Vancouver Canucks of the National Hockey League which also include a high scale box called the Best Buy Club.

Expansion plans

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In early 2009 Best Buy announced major plans to expand the company not only in the US but the UK, China and other emerging markets as well. Best Buy currently^[when?] operates just over 1000 stores in the US and has pledged more than 500 more, most to take the place of the old Circuit City buildings. During this expansion Best Buy will also launch dozens more Geek Squad and Best Buy Mobile stand alone stores in prevailing markets. The company recently^[when?] experimented with Magnolia Home Theatre stand alone stores in demographics just outside New York City, Chicago, Dallas, and Orlando, the stores have taken in more than $300 million dollars in the first year of operation combined. With the fall of Circuit City nearly 10% of the market place was up for grabs with Best Buy snatching most of it but not without Walmart far behind.^{[citation needed]}

Best Buy's Sales to Customers by Geographical Regions in 2009^[40]

Geographic Region	Total Sales ( in millions)
United States	35,070
Europe	3,205
Canada	5,174
China	1,558
Other Area	8

Criticism and controversy

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Warranty controversy

In 2000, two Florida consumers brought a lawsuit against Best Buy, alleging that the company engaged in fraudulent business practices related to the sale of extended warranties (or, more accurately, service plans). The suit claimed that Best Buy employees had misrepresented the manufacturer's warranty in order to sell the chain's own Product Service/Replacement Plan and that Best Buy had "entered into a corporate-wide scheme to institute high-pressure sales techniques involving the extended warranties" and that the retailer used "artificial barriers to discourage consumers who purchased the 'complete extended warranties' from making legitimate claims."^[41] Best Buy ultimately settled for $200,000, but admitted no wrongdoing.^[42] In 2009, a class action lawsuit was launched against Best Buy. The lawsuit addressed the same issue. Several consumers were outraged by the sales tactics used by Best Buy employees to sell their Performance Service Plans. They were misled into thinking that the "plan" covered all damages and that they would receive a new product if they were to bring the product back to the store within the service period. Sales associates failed to disclose the details of the service plan. The results of the lawsuit are still pending.^[43]

Christmas controversy

Main article: Christmas controversy

During the approach to the 2006 holiday season, competitor Walmart, responding to pressure from conservative Christian groups, made a largely publicized decision to center their holiday marketing strategy around the term Christmas. In response, Dawn Bryant, a Best Buy spokeswoman, stated: "We are going to continue to use the term holiday because there are several holidays throughout that time period, and we certainly need to be respectful of all of them."^[44] The American Family Association criticized Bryant's statement and launched a campaign against Best Buy's policy.^[45] In reaction to the same policy, the Catholic League placed Best Buy on its 2006 Christmas Watch List.^[46] In 2007, Best Buy included the term "Christmas" in some of its marketing materials as well as greetings for Hanukkah and Kwanzaa.

Just before Thanksgiving 2009, the Christmas controversy was stirred up again when Best Buy's Black Friday ads featured the Muslim holiday Eid Al-Adha.^[47]

A typical sign reserving a parking space for customers who will be in and out of the store quickly, often near the handicap spaces, at a location in Orange, California

Pricing controversies

In the second quarter of 2007, Connecticut State Attorney General Richard Blumenthal ordered an investigation into Best Buy's use of an in-store website alleged to have misled customers on item sales prices.^[48] In December 2007, the Los Angeles Times reported on the same issue in which some customers claimed they thought they were surfing the internet version of bestbuy.com at an in-store kiosk only to learn that the site reflected in-store prices only. In response, Best Buy spokesperson Sue Busch indicated the in-store kiosks were not intended for price-match purposes and rather a means to navigate in-store availability. Since the initial investigation, a banner was placed on the in-store site to make its customers more aware of the difference.^[49]

Similar pricing errors occurred in July 2009, when the Palm Pre was mistakenly sold for 99.99 (versus the retail of 199.99), and Best Buy honored some of the sales,^[50] and in August 2009, when the site mistakenly listed a Samsung LN52A650 52" LCD HDTV on sale for $9.99, down from its retail price of $1699.99.^[51] The store chose not to honor the 9.99 HDTV error, instead refunding the sold units. Many customers, some who purchased dozens, threatened a class action lawsuit.^[52] According to the site's Condition of Use Policy,^[53] Best Buy reserves the right to cancel the orders of errors on its site. The listing for the TV was later removed entirely.

One of three such signs (much less common than the signs above) at the Carmel Mountain, San Diego location, which is another location that recently opened

Analog televisions

In April 2008, the U.S. Federal Communications Commission (FCC) fined Best Buy $280,000 for not alerting customers that the analog televisions they sold would not receive over-the-air stations after the digital transition on June 12, 2009.^[54] Best Buy is challenging^[when?] this ruling by the FCC saying it was and is in compliance with current FCC regulations pertaining to the digital transition.

Environmental issues

Best Buy was one of several large companies named by Greenpeace in 2007 for purchasing raw materials or manufactured products derived thereof from logging companies that in the opinion of Greenpeace contribute to unethical deforestation of taiga in Canada.^[55]

Since that time, however, Best Buy launched what it calls Greener Together to increase the energy efficiency of its products as well as reduce consumer waste through more recyclable packaging and proper disposal of certain electronic components.^[56]

References

1. ^ Best Buy Co., Inc. Form 10-K Filed May 5, 2010, Best Buy Co., Inc., May 5, 2010. (PDF)
2. ^ ^{a b c} Boyle, Matthew. "Best Buy's Giant Gamble". Fortune. March 29, 2006. Retrieved November 28, 2006.
3. ^ Bestbuy.com
4. ^ Chris Serres "Adaptation is key for Best Buy" Star Tribune. February 08, 2007. Retrieved February 16, 2007.
5. ^ "Carphone in £1.1bn US partnership". BBC News. 2008-05-08. http://news.bbc.co.uk/1/hi/business/7389291.stm. Retrieved 2008-05-28.
6. ^ "Carphone and Best Buy look for cheap leases". Mobile Today. 2008-02-12. http://www.mobiletoday.co.uk/Carphone_and_Best_Buy_look_for_cheap_leases.html.
7. ^ Waller, Philip (2008-05-11). "Best Buy may make offers for DSG International, Kesa - report". Forbes. http://www.forbes.com/markets/feeds/afx/2008/05/11/afx4994500.html. Retrieved 2008-05-28.
8. ^ Best Buy signs Thurrock and Southampton: Property Week, August 7, 2009
9. ^ Ben Furfie (2008-07-21). "First Best Buy stores unveiled". PCRetail. http://www.pcretailmag.com/news/30216/First-Best-Buy-stores-unveiled.
10. ^ Robert Lea (2008-07-18). "Best Buy aims to shine in UK". thisismoney.co.uk. http://www.thisismoney.co.uk/investing-and-markets/article.html?in_article_id=447620&in_page_id=3&position=moretopstories.
11. ^ Media Group "BRIERLEY HILL". http://www.stourbridgenews.co.uk/news/local/your_community/ab/brierley_hill/4er=Newsquest Media Group. Retrieved January 3, 2010.
12. ^ Tatge, Mark. "Fun & Games." Forbes. January 12, 2004. Retrieved August 22, 2006.
13. ^ Staff Writer. "DSN honors Best Buy with Specialty Retailer award." Discount Store News. January 22, 2001. Retrieved August 22, 2006.
14. ^ Moyer, Liz. "The Most Charitable Companies." Forbes. November 14, 2005. Retrieved August 22, 2005.
15. ^ Staff Writer. "America's Most Admired Companies 2006." Fortune. Retrieved August 22, 2006.
16. ^ Best Buy in-store pickup
17. ^ ^{a b c d e f g} "Best Buy Co., Inc. Company History". FundingUniverse.com. http://www.fundinguniverse.com/company-histories/Best-Buy-Co-Inc-Company-History.html. Retrieved 2008-05-14.
18. ^ ^{a b} Stapleton, Steve. "Global Retail Spotlight On: Best Buy Co., Inc.". Global Retail Spotlight Archives. Trade Dimensions International, Inc.. http://www.plainvanillashell.com/archivegrs.asp?id=977. Retrieved 2008-05-15.
19. ^ Busch, Sue; Driscoll, Jennifer. "Best Buy to Acquire Majority Interest in Jiangsu Five Star." (press release) Best Buy. May 12, 2006. Retrieved August 22, 2006.
20. ^ Dudash, Jeff. "Best Buy Acquires Speakeasy." (press release) Best Buy. March 27, 2007. Retrieved March 27, 2007.
21. ^ MSNBC. "Best Buy ends sales of analog TVs." (press release) MSNBC October 17, 2007. Retrieved November 9, 2007.
22. ^ "Best Buy Opens its First Store in Puerto Rico". bestbuyinc.com. Best Buy. February 29, 2008. http://www.bestbuyinc.com/news_center/news-brand/best-buy-puerto-rico. Retrieved October 21, 2009.
23. ^ Gonsalves, Antone (2008-02-12). "Best Buy To Recommend Blu-ray Hi-Def Video". Information Week. United Business Media. http://www.informationweek.com/news/showArticle.jhtml?articleID=206501687. Retrieved 2008-05-26.
24. ^ Fretbase, Best Buy to Sell Guitars and Gear
25. ^ Best Buy Begins Sales Of Apple's 3G iPhone
26. ^ Best Buy to buy Napster
27. ^ Mall of America website, Bloomington, MN.
28. ^ Best Buy Mexico website
29. ^ CNW Group
30. ^ "Best Buy to offer movie downloads". Star Tribune. November 3, 2009.
31. ^ "Best Buy’s first European store opens in İzmir". Today's Zaman. 2009-12-19. http://www.todayszaman.com/tz-web/news-195966-105-best-buys-first-european-store-opens-in-izmir.html. Retrieved 2009-12-19.
32. ^ "Smashing the Clock". businessweek.com. BusinessWeek. December 11, 2006. http://www.businessweek.com/magazine/content/06_50/b4013001.htm. Retrieved 2009-08-21.
33. ^ John Vomhof Jr. "Best Buy starts to eliminate mail-in rebates." Minneapolis St. Paul Business Journal. January 24, 2006.
34. ^ Small Business Forum. "Best Buy in Auto Detailing Business." Small Business Forum. May 26, 2008.
35. ^ Staff Writer. "Fiscal Year 2005 Fact Sheet - Q4". Best Buy. February 25, 2006. Retrieved August 22, 2006.
36. ^ "Best Buy China- Our Stores." Best Buy China. January 21, 2009. Retrieved January 22, 2009.
37. ^ "Best Buy, a World-Leading Consumer Electronics Retailer, and The Carphone Warehouse, a World-Leading Independent Mobile Phone Retailer, to Create a New Company". Best Buy. 2008-05-08. http://bestbuymedia.tekgroup.com/article_display.cfm?article_id=4555. Retrieved 2008-05-28.
38. ^ Staff Writer. "Best Buy to buy voice and data services provider.." Reuters. March 27, 2007
39. ^ "Best Buy Electronics recycling"
40. ^ Breakdown of sales by geographical markets from company 10Ks
41. ^ "Civil Justice Report 3, continued They're Making a Federal Case out of It... In State Court." Manhattan Institute for Policy Research. Retrieved August 12, 2007.
42. ^ "CBC Marketplace: Extended Warranties" CBC.ca. Retrieved August 12, 2007.
43. ^ http://www.bestbuy.ca/companyinfo/images/pressreleases/clarifies_rt_policy_EN.pdf
44. ^ Wal-Mart Opts for 'Christmas' Marketing. Associated Press. November 15, 2006. Retrieved January 28, 2007.
45. ^ Wildmon, Donald Best Buy Bans Use of Merry Christmas In Advertising . American Family Association. November 10, 2006. Retrieved November 10, 2006.
46. ^ "Christmas Watch." Catholic League. Retrieved November 24, 2006.
47. ^ 'Happy Eid al-Adha' on a Thanksgiving ad stirs outrage, debate. MSN Money Retrieved Monday, November 23, 2009.
48. ^ "Best Buy Accused of Overcharging In-Store Shoppers" CNBC May 27, 2007. Retrieved May 27, 2007.
49. ^ "Best Buy kiosks not connected to Internet". Los Angeles Times. December 23, 2007.
50. ^ Palm Pre drops to $99 at Best Buy
51. ^ Gizmodo, the Gadget Guide
52. ^ MSN.com
53. ^ Bestbuy.com
54. ^ Puzzanghera, Jim (2008-04-11). "FCC fines retailers over digital TV". Los Angeles Times. http://www.latimes.com/technology/la-fi-tv11apr11,1,152881.story. Retrieved 2008-05-28.
55. ^ http://www.greenpeace.org/usa/press-center/releases2/companies-revealed-to-be-purch
56. ^ http://www.bestbuy.com/site/null/Best+Buy/pcmcat149900050023.c?id=pcmcat149900050023&DCMP=rdr0001424

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