Best Buy

Best Buy was founded in 1966 by Richard Schulze and James Wheeler in Saint Paul, Minnesota, initially as an audio specialty store called Sound of Music before rebranding in 1983.

The company operates approximately 1,000 stores across the United States and Canada, generating over $43 billion in annual revenue primarily from consumer electronics, appliances, and related services.

Headquartered in Richfield, Minnesota, Best Buy trades on the New York Stock Exchange under ticker BBY today.

Best Buy History

• 1966
  Richard Schulze and James Wheeler open Sound of Music, an audio specialty store, in Saint Paul, Minnesota.
• 1983
  Sound of Music rebrands as Best Buy and shifts to a high-volume, low-price consumer electronics superstore format after a tornado sale success.
• 1985
  Best Buy goes public on Nasdaq, raising capital to fund its rapid national retail expansion into major US markets throughout the late 1980s.
• 2002
  Best Buy acquires Future Shop in Canada and the Geek Squad, creating a flagship in-home and in-store technical support service that becomes central to its brand.
• 2012
  Best Buy faces a strategic crisis as digital retail accelerates and founder Richard Schulze attempts a failed $8.5 billion buyout to take the company private.

FAQs

• When did Best Buy come out?

  Best Buy was founded in 1966 as Sound of Music in Saint Paul, Minnesota. The company rebranded as Best Buy in 1983. It listed on Nasdaq in 1985 and moved to the NYSE in 1999.
• Who owns Best Buy?

  Best Buy is publicly traded on the NYSE. Vanguard Group and BlackRock are its largest institutional shareholders. Founder Richard Schulze sold most of his stake following his 2012 failed buyout attempt.
• Who made the Best Buy logo?

  Best Buy's current yellow price-tag logo was developed as part of the 1983 rebrand from Sound of Music. The yellow and black color scheme has remained central to Best Buy's visual identity ever since.
• Is Best Buy an American company?

  Yes. Best Buy Co., Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota, USA. It was founded in 1966 and operates stores primarily in the United States and Canada.