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Best Buy: King of the Hill
Transcript of Best Buy: King of the Hill
October 5th, 2011 :D Humble begginnings.... Best Buy was started in 1966 by
Richard M Schultz.
It began its business under the
name "Sound of Music"
Sound of Music was predictably
a home and car audio store :) In 1970 Sound of Music was owned solely
by Richard M. Schulz, and it also broke
through the fabled 1 Million Dollar
Annual Revenue mark
The next ten years were spent expanding
Until..... BAM! Disaster strikes the Roseville,
Minn. location in the form of a
Tornado! Sound of Music
responded with a Tornado Sale! You Might wonder why this is relevant
to Best Buy's begginnings, have no fear!
A point will soon be made..... Sound of Music marketed this "Tornado
Sale!" as a "Best Buy".
It became an annual sale for all Sound
of Music locations.
In 1983, just two years later, Sound of
Music's Board of Directors decided to
rename the Company.
The new name would be...... In 1985 Best Buy enters a new dangerous world...
That world being the New York Stock Exchange! BBY, as Best Buy's stock was called started trading at
$0.1667 apiece. Today that same stock is trading at $24.38 a share! So if you
1985 in BBY
Today? exactly $14,625.07!?! The 1980's and 1990's of Best Buy
"A Time of Wonder and Joy" 1984: Schultz introduces first Superstore Format
the great-grandfather of modern day stores. 1987: Best Buy's revenue equals $239 million due
in part with its 1985 Stock Exchange release and its
24th store opening. 1989: Company introduces Concept II stores
which have a warehouse format and no
commissioned sales help So Think Sams Club but with "High End" electronics
Now think 1989, so replace "High End" with "Obsolete"
1993: Revenues soar past 1 billion, reaching 1.6 billion dollars! 1994: Larger Concept III stores open, with hands
on information displays. 1998: Concept IV stores debut, offering more high end products,
merchandise grouped by category like Home Theater, cash registers
throughout the store, and "High Touch" area's for digital products
where more employee interaction is needed. The "Next Generation" of Best Buy. 2000: Best Buy unveils a new and revamped website creativeley called BestBuy.com. Immediately a big hit in th e-commerce sector! They also acquire Magnolia Audio Video, a 13 store operation on the West Coast, which costs Best Buy aprox. 88 million! The Dark Days
D': 2001: Best Buy invests 685.3 MILLION DOLLARS :O!
in a store called Musicland. Musicland was a Mall based
retailer with exactly 1300 stores nation-wide. 2001 cont.: They also acquire Futureshop, Canada's numero Uno electronics retailer, for 368 million! 2003: Bust buy Divests (Sells off) the money losing operation of MusicLand, heralded to be the "Companies Worst Financial endeavour, ever." by un-named upper level managers. Profit is cut to 99 million dollars ! Best Buy none-the-less pays its first dividend. It has been 18 years since the company opened on the NYSE.
2004: Best Buy brings in Virtucom Group to
handle its growing online demands.
BestBuy.com is generating 3 billion dollars per year in revenues at this point! 2006:Best Buy acquires a majority interest in the retail chain Jiangsu Five Star Appliance Co. ltd, China's fourth largest appliance chain.
2008: Best Buy opened their 1000th location physically located in "The Mall of America" in Bloomington, Minn. 2008 Cont: Best Buy chooses to
support Blu-Rays over HD-DVD's,
and Toshiba takes this as the
"last straw" and decides
to shut down HD-DVD production. 2010: Best Buy opens its first few stores in the Uk and also its first venture into Turkey, in strange and mystical place called Izmar! 2011: Best Buy opens Five more stores in the UK, but has very stiff competition and has yet to gain a foothold... Fun Facts! =D! Best Buy's upper level and Middle level management
are on a "Results only Work Enviroment" In Late August 2010, Best Buy launched Video Game Trade-Ins and is now buying used video games, just like GameStop. The Game Trade-Ins were located in over 600 Best Buy Stores in the U.S. Although you should support your local video game retailer too!
See me after my project is over for more information =D! Are there any questions....? Once again, say it with me! You just learned about who?!?