Best Buy.docx

Best Buy.docx

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BestBuy

BestBuy

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BestBuyCo.,Inc.

Type

Public

Tradedas

NYSE:

 BBY

S&P500Component

Industry

Retail

Founded

1966asSoundofMusic

1983asBestBuy

Founder（s）

RichardM.Schulze

Headquarters

Richfield,Minnesota,U.S.

Keypeople

HatimTiyabi[1]

（Chairman）

G.MikeMikan[2]

（interimCEO）

Products

Consumerelectronics

Revenue

US$50.3B（FY2011）[3]

Operatingincome

US$2.11B（FY2011）[3]

Netincome

US$1.28B（FY2011）[3]

Totalassets

US$17.8B（FY2011）[4]

Totalequity

US$6.60B（FY2011）[4]

Employees

180,000（2010）

Subsidiaries

FutureShop

GeekSquad

Magnolia

PacificSales

Speakeasy

Website

BestBuyCo.,Inc.（NYSE:

 BBY）isanAmericanspecialtyretailerofconsumerelectronicsintheUnitedStates,accountingfor19%ofthemarket.ItalsooperatesinPuertoRico,Mexico,CanadaandChina.[5]Thecompany'ssubsidiariesincludeGeekSquad,CinemaNow,MagnoliaAudioVideo,PacificSales,and,inCanadaoperatesunderboththeBestBuyandFutureShoplabel.Togethertheseoperatemorethan1,150storesdomesticallyandinternationally.[6]Inaddition,thecompanyoperatesover100BestBuyExpressAutomatedRetailstoresor"ZoomShops",operatedbyZoomSystems,inairportsandmallsaroundtheU.S.[7]ThecompanyisheadquarteredinRichfield,Minnesota,UnitedStates.

BestBuywasnamed"CompanyoftheYear"byForbesmagazinein2004,[8]"SpecialtyRetaileroftheDecade"byDiscountStoreNewsin2001,[9]rankedintheTop10of"America'sMostGenerousCorporations"byForbesmagazinein2005（basedon2004giving）,[10]andmadeFortunemagazine'sListofMostAdmiredCompaniesin2006.[11]

OnMarch9,2009,BestBuybecamethelargestelectronicsretailstore（onlineandbricksandmortar）intheeasternUnitedStates,aftersmallerrivalCircuitCitywentoutofbusiness.[12]Fry'sElectronicsremainsamajorcompetitorinthewesternUnitedStates,whilehhgreggremainscompetitiveintheeasternUnitedStates.Manylocationsfeaturein-storepickup,whichcanbearrangedthroughthecompany'swebsite.[13]

BestBuyisalsoaretailerofcellularphoneswithphonesfromVerizonWireless,AT&TWireless,SprintPCS,andT-Mobile.[14]BestBuyalsohasstandaloneBestBuyMobilestoresinshoppingmallsthatsellasubsetofproductscarriedatthelargerstores.

In2011,duringthethree-monthperiodendedFebruary26,BestBuysawitsrevenueandprofitsslide,generatingaprofitof$651milliononrevenueof$16.26billion.Incomparisontothesameperiodin2010,ittallied$16.55billioninrevenueanda$779millionprofit.[15]Variousreasonshavebeengivenforthedecline.[16]

In2012,BestBuyannounceditwouldbeclosingfiftystoresintheUSA,includingahigh-profilestoreonNewburyStreetinBoston,aspartofa"transformationstrategy".[17][18]AlsoonApril10,2012,BrianDunnresignedasCEOunderamutualagreementthatitwastimefornewleadershiptoaddressBestBuy’sproblems.DirectorG.MikeMikanhasbeennamedinterimCEOofthecompanyasitsearchesforanewCEO.[19]

Contents

 [hide] 

∙1History

o1.1Founding

o1.2Billion-dollarcompany

o1.3Internationalexpansion

o1.4Thousandthstore

∙2Company

o2.1Businessoperations

o2.2Demographics

o2.3BestBuyexclusivebrands

o2.4Corporatesponsorships

o2.5Expansionplans

▪2.5.1InternationalClosures

▪2.5.1.1UnitedKingdom

▪2.5.1.2People'sRepublicofChina

∙3Criticismandcontroversy

o3.1Warrantycontroversy

o3.2Pricingcontroversies

o3.3Analogtelevisions

o3.4Environmentalissues

o3.5Misconductbyleadership

∙4References

∙5Externallinks

[edit]History

[edit]Founding

BestBuyissometimescalledthe"bigbluebox"becauseoftheprominentdesignonBestBuystores.ThisstoreislocatedinEastPaloAlto,California.

BestBuyStorelocatedinShanghai,China

ThisBestBuylogohasappearedatselectstores.Itsreplacementstatusremainsunknown.

BestBuyopensits800thstoreinChicago,Illinois.

In1966,RichardM.SchulzeandbusinesspartnerGarySmoliak,[20]openedSoundofMusic,anaudiospecialtystore,inSaintPaul,Minnesota.[21][22]In1967,SoundOfMusicacquiredKencraftHi-FiCompanyandBergoCompany.TwoadditionalSoundofMusicstoreswereopenedneartheUniversityofMinnesotaandindowntownMinneapolis.TheSoundofMusicendeditsfirstyearwithgrosssalesof$173,000（USD）.In1969,SoundofMusic'sstockbegantradingasapubliclyheldcompany,thecompanyenacteditsfirstemployeestockoptionplan,andthreestoresopenedintheTwinCitiesarea.In1970,SoundofMusichitthe$1millionmarkinannualrevenues.In1979,SoundofMusicbecamethefirstsuppliersofvideoandlaserdiscequipmentincludingPanasonic,Magnavox,SonyandSharp.

OnJune14,1981,atornadohittheRoseville,Minnesotastore.SoundofMusicrespondedwitha"TornadoSale,"（withthesalepromotedasa"BestBuy"）anditbecameanannualevent.In1983,SoundofMusic'sboardofdirectorsapprovedanewcorporatename:

BestBuyCo.,Inc.,[21]thecompanyopeneditsfirstsuperstoreinBurnsville,Minnesota,featuringexpandedsellingspace,awideassortmentofdiscountedbrand-namegoods,centralservice,andwarehousedistribution.Storesbegansellingappliancesandvideocassetterecorders.In1985,BestBuy（symbolBBY）debutedontheNewYorkStockExchange[21]withanofferingof8.3millionshares.In1987,BestBuy'sbrandlogochangedtotheyellowtag.In1989,BestBuyunveiledanew"grab-and-go"storeformat.

[edit]Billion-dollarcompany

In1990,BestBuyeliminatedcommissionsforstandalonesalespeople,butretainedbonusesformanagementandsupervisors.In1992,BestBuyhitthe$1billionmarkinannualrevenues.In1994,BestBuyexpandedtotheMarylandandVirginiamarkets.In1997,BestBuybecamethefirstnationalretailertosellDVDhardwareandsoftware.[citationneeded].In1998,BestBuysponsoredStevieNicksEnchantedTour.In2000,BestBuyenteredtheonlineretailingbusinessbylaunchingB,andacquiredMagnoliaAudioVideo,aretailerofhigh-endconsumerelectronics.[21]Musiccompactcassetteswereremovedfrommoststores.

In2001,BestBuyacquiredtheCanada-basedelectronics-chainFutureShopLtd.,[21]whichmarkedthecompany'sentrancetotheinternationalmarketplace.[22]ThoughfullyownedbyBestBuy,FutureshopremainsaseparateentityoperatingindependentlyfromBestBuyCanada.BestBuyacquiredMusicland,[21]amall-basedretailerformusicandentertainmentsoftware.BestBuylaunchedRedlineEntertainment,anindependentmusiclabelandaction-sportsvideodistributor.In2002,BradAndersonsucceededSchulzeasBestBuy'sCEO.ThecompanyacquiredGeekSquad,a24-hourcomputersupporttaskforce.ThefirstCanadianBestBuystoreopenedinMississauga,Ontario.

[edit]Internationalexpansion

In2003,U.S.BestBuystoressurpassedthe600storemark.ThecompanyopeneditsfirstglobalsourcingofficeinShanghai,BestBuycorporateofficeswereconsolidatedinoneheadquartercampus,BestBuydivesteditselfofMusicland,[21]thecompanybegantosegmenttheirstores,whichisconsideredamajorpartofthecompany's"customercentricity"transformation,theRewardZoneloyaltyprogramwasintroducedintheU.S.In2004,VirtucomGroupofSyracuse,NewYorkwashiredtohandleallonlinecontentforBestBuywhichgeneratedover$3billionperyearinrevenues.In2004,GeekSquadprecinctswereopenedineveryBestBuystorenationwide,offeringin-storeserviceduringstorebusinesshours.

In2006,BestBuyacquiredamajorityinterestintheretailchainJiangsuFiveStarApplianceCo.,Ltd.,China’sfourth-largestappliancechain.[23]In2007,OnJanuary26,2007,thefirstBestBuyinChinahaditsgrandopening-toutedasthelargestBestBuyinexistence.[citationneeded]InMarch,BestBuyannouncedplanstopurchaseSeattle,WAbasedSpeakeasy,Inc.,abroadbandandVOIPservicesprovider.[24]BestBuybecamethefirstmajorretailertoexittheanalogtelevisionmarket,carryingonlydigitalproductsthatbecamemandatoryinJune2009bytheFCC.[25]In2007,BestBuylaunchedmini-GeekSquadprecinctsinOfficeDepotsinOrlando,FloridaandDenver,Colorado.Theyalsolaunchedmini-GeekSquadprecinctsinFedExKinko'sinIndianapolis,IndianaandCharlotte,NorthCarolina.Thesetestmarketsand/orrelationshipswiththesecompaniesendedinallmarketslate2007early2008.InFebruary2011,itclosedallofitsown-brandstoresinChina,butplanstoreopentwobytheendoftheyear.

OnNovember17,2011,BestBuyopeneditsfirststoreinNorthernMexico,saidstorewillbelocatedinthecityofMonterrey.

InNovember2011,itwasannouncedthatthe11storesithadopenedintheUKaspartofajointventurewithCarphoneWarehouseweretoclose.[26][notincitationgiven]

[edit]Thousandthstore

CustomersshoppingforelectronicsitemssuchastheiPadtakeaboutonlyfiveminutesonaveragetomaketheirdecision,accordingtothisBestBuysalesperson.

OnOctober24,2008,BestBuyopenedtheir1000thphysicalstore,locatedintheMallofAmericainBloomington,Minnesota.[citationneeded]In2008,BestBuyannouncedtheopeningofitsfirstpilotstoresinPuertoRico,[27]andMexico,aswellasanotherstoreinShanghai.BestBuydecidedtopromoteBlu-rayoverHD-DVD,amovewhichultimatelycontributedtoToshiba'sCorps.decisiontodropHD-DVD.[28]InMayitagreedtobuya50%holdinginUK-basedmobilephoneoperationTheCarphoneWarehouse'sretaildivision,BestBuyalsoannouncedthatitwillopenbrandedsuperstoresintheUKandotherEuropeancountries.OnJuly29,