Best Buy Best Buy Co., Inc. (NYSE: BBY) was founded in 1966, formerly known as Sound of Music, Inc., changed to its current name in 1983, headquartered in Richfield, Minnesota, USA, full-time employee With 125,000 employees, it is currently the world’s largest retail group of household appliances and electronic products.
Best Buy (BBY):
Best Buy is a consumer electronics retailer from the United States, with branches in the United Kingdom, Canada, Mexico, China, Turkey and other countries. As of December 31, 2016, Best Buy has more than 1,200 large stores and 400 small stores worldwide, and there are more than 200 “Best Buy Express” unmanned self-service stores in airports and shopping malls in the United States.
After 50 years of development, Best Buy has developed into a comprehensive company. Its brand companies include: Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater (Based on the top brand-name electronics stores in the United States), Pacific Kitchen and Home, bestbuy.com.ca, and bestbuy.com.mx
Even so, with Google and Facebook and other hospitals, Best Buy’s expansion in the Chinese market is not smooth.
In 2006, Best Buy entered the Chinese retail market and opened branches in Shanghai, Suzhou and Hangzhou. Later, due to poor management, 9 Best Buy stores in mainland China were closed on February 22, 2011. The company opened nearly 50 five-star electrical stores in China in 2012, and then sold Jiangsu Five Star Appliance to Zhejiang Jiayuan Real Estate Group Co., Ltd. on December 4, 2014, and Best Buy withdrew from China. .
Review of the major events of Best Buy (BBY):
- Established in Minnesota in 1966 (the company’s headquarters is still being created);
- In 1983, it was officially renamed Best Buy Best Buy;
- In 1989, the company cancelled the commission-based sales model;
- In 2000, launched the first online shopping website;
- In 2001, acquired Magnolia Hi-Fi, a high-end audio-visual product retail company headquartered in Seattle and Washington;
- In 2002, it acquired Future Shop, a Canadian consumer electronics retail company;
- In 2003, Best Buy entered the Canadian market;
- In 2003, it acquired Geek Squad, a company providing computer support services for civilian and commercial purposes;
- In 2004, Magnolia Hi-Fi was renamed Magnolia Audio Video;
- In 2006, Best Buy acquired Pacific Sales Kitchen and Bath, a high-end retailer of household products;
- On May 12, 2006, Best Buy acquired Jiangsu Wuxing Electric in a controlling way, entered China, and became the top three household appliance chain enterprises in China;
- In 2011, closed 9 stores in China;
- In 2014, all five-star electrical appliances stores were sold and launched in the Chinese market.