History of Best Buy in Timeline

Best Buy is a multinational consumer electronics retailer founded in 1966 by Richard M. Schulze and James Wheeler as Sound of Music. It rebranded as Best Buy in 1983, shifting its focus to a broader range of consumer electronics. Headquartered in Richfield, Minnesota, Best Buy is a major player in the retail electronics market, offering a wide variety of products and services to consumers.

August 22, 1966: Sound of Music Opens

On August 22, 1966, Richard M. Schulze and a business partner opened Sound of Music, an electronics store specializing in high fidelity stereos, in St. Paul, Minnesota. Schulze financed the opening with his savings and a second mortgage.

1966: Sound of Music Founded

On August 22, 1966, Richard M. Schulze and James Wheeler founded Sound of Music, an audio specialty store, in St. Paul, Minnesota.

1967: Sound of Music Acquisitions

In 1967, Sound of Music acquired Kencraft Hi-Fi Company and Bergo Company.

1969: Schulze Buys Out Partner

In 1969, Sound of Music had three stores, and Richard Schulze bought out his business partner.

1973: Brad Anderson Joins Best Buy

In 1973, Brad Anderson began working at Best Buy while attending seminary school.

1978: Nine Stores in Minnesota

By 1978, Sound of Music operated nine stores throughout Minnesota.

1981: Brad Anderson Promoted to VP

In 1981, Brad Anderson was promoted to vice president at Best Buy.

1981: "Tornado Sale"

In 1981, the Roseville Sound of Music store was hit by a tornado. Richard Schulze held a "Tornado Sale" of damaged and excess stock, which proved to be highly successful.

1983: Rebranding to Best Buy

In 1983, Sound of Music was rebranded as Best Buy Company, Inc., shifting its focus to consumer electronics. The company also expanded its product offerings to include home appliances and VCRs to broaden its customer base.

1983: Rebranding to Best Buy and Expansion of Product Offerings

In 1983, Sound of Music was renamed Best Buy Company, Inc. Best Buy also expanded its product offerings to include home appliances and VCRs, and opened its first superstore in Burnsville, Minnesota.

1985: Best Buy Goes Public

In 1985, Best Buy was taken public.

1985: Brian J. Dunn Joins Best Buy

In 1985, Brian J. Dunn joined Best Buy as a sales associate.

1986: Brad Anderson Becomes Executive VP

In 1986, Brad Anderson was promoted to executive vice president at Best Buy.

1988: Introduction of "Concept II" Stores

In 1988, Best Buy introduced "Concept II" stores, which featured brighter, more fashionably fixtured stores, all stock on the sales floor, fewer salespersons, more self-help product information, and a commission-free sales environment. Some suppliers temporarily stopped selling in Best Buy stores due to this.

1988: Price War and Failed Acquisition Attempt

In 1988, Best Buy, facing a price war with Highland Superstores, was offered for sale to Circuit City for US$30 million, which was rejected.

1991: Brad Anderson Becomes President and COO

In 1991, Brad Anderson was made president and COO of Best Buy.

1992: $1 Billion in Annual Revenue

In 1992, Best Buy achieved $1 billion in annual revenues. Also, in the same year, its Midwest rival Highland would file for bankruptcy.

1993: Highland Superstores Closes

By 1993, Best Buy's Midwest rival Highland Superstores would close all locations, as a result of filing for bankruptcy in 1992.

1994: Debut of "Concept III" Stores

In 1994, Best Buy introduced "Concept III" stores in new markets like Los Angeles and Washington, D.C. These stores were larger and featured expanded product offerings, touchscreen kiosks, and demonstration areas for products like surround sound stereo systems and video games.

1998: Launch of "Concept IV" Stores

In 1998, Best Buy launched its "Concept IV" stores with its expansion into New England. These stores featured an open layout with products organized by category, cash registers throughout the store, and demonstration areas for home theater systems and computer software.

1999: Added to S&P 500

In 1999, Best Buy was added to Standard & Poor's S&P 500.

December 2000: Acquisition of Magnolia Hi-Fi, Inc.

In December 2000, Best Buy acquired Magnolia Hi-Fi, Inc., an audio-video retailer located in California, Washington, and Oregon.

2000: Brian J. Dunn Becomes SVP of East Coast Operations

In 2000, Brian J. Dunn became senior vice president of East Coast operations at Best Buy.

January 2001: Acquisition of Musicland Stores Corporation

In January 2001, Best Buy acquired Musicland Stores Corporation, a retailer that sold home-entertainment products under the Sam Goody, Suncoast Motion Picture Company, Media Play, and OnCue brands, for $425 million in cash and the assumption of $271 million of Musicland debt.

July 2002: Brad Anderson Becomes CEO

In July 2002, Brad Anderson succeeded Richard Schulze as Best Buy CEO.

2003: Store Count Milestone, Global Sourcing Office, Divestiture of Musicland, and Loyalty Program Launch

In 2003, Best Buy surpassed 600 stores in the U.S., opened its first global-sourcing office in Shanghai, divested Musicland to Sun Capital Partners, and launched its "Reward Zone" loyalty program.

January 2004: Hiring of Virtucom Group

In January 2004, Best Buy hired Virtucom Group to revamp its website and manage its online content.

2004: Brian J. Dunn Becomes President of North American Retail Operations

In 2004, Brian J. Dunn became president of North American retail operations at Best Buy.

April 2005: Elimination of Mail-In Rebates

In April 2005, Best Buy began phasing out mail-in rebates due to negative customer feedback and introduced instant rebates via notebook computers.

May 2006: Acquisition of Jiangsu Five Star Appliance

In May 2006, Best Buy acquired a majority interest in Chinese appliance retailer Jiangsu Five Star Appliance for $180 million.

2006: Brian J. Dunn Becomes President of Best Buy

In 2006, Brian J. Dunn was appointed as the president of Best Buy.

January 2007: First Best Buy Store in China

In January 2007, the first Best Buy-branded store in China opened in Shanghai.

March 2007: Acquisition of Speakeasy

In March 2007, Best Buy acquired Speakeasy, a Seattle-based broadband VOIP, data, and IT services provider, for $80 million. Speakeasy became a wholly owned subsidiary of Best Buy.

October 2007: Exit from Analog Television Market

In October 2007, Best Buy became the first consumer-electronics retailer to exit the analog television market, focusing solely on digital products.

February 2008: First Store in Puerto Rico

In February 2008, Best Buy opened its first store in San Juan, Puerto Rico.

July 2008: Selling Musical Instruments

In July 2008, Best Buy announced that it would begin selling musical instruments and related gear in over 80 of its retail stores.

February 2009: Launch of Best Buy Mobile

In February 2009, Best Buy launched Best Buy Mobile, a Best Buy-branded mobile retailer, in partnership with The Carphone Warehouse.

June 2009: Brian J. Dunn Becomes CEO

In June 2009, Brian J. Dunn became CEO of Best Buy, succeeding Brad Anderson.

June 2009: FCC Mandate for Digital Television

In June 2009, the FCC mandated digital television, which Best Buy had anticipated since October 2007.

November 2009: Partnership with CinemaNow

In November 2009, Best Buy partnered with Roxio's CinemaNow to launch an on-demand streaming service.

December 2009: First Store in Turkey

In December 2009, Best Buy opened its first store in İzmir, Turkey.

April 2010: First Store in the United Kingdom

In April 2010, Best Buy opened its first United Kingdom-based Best Buy-branded store in Thurrock.

February 2011: Best Buy Closes China Stores

In February 2011, Best Buy closed all of its Best Buy-branded stores in China, merging Best Buy China's operations with Jiangsu Five Star.

November 2011: Purchase of The Carphone Warehouse's Share of Best Buy Mobile

In November 2011, Best Buy purchased The Carphone Warehouse's share of Best Buy Mobile for $1.3 billion.

December 2011: Best Buy Acquires mindSHIFT Technologies

In December 2011, Best Buy acquired mindSHIFT Technologies, a company providing IT support for small to medium-sized businesses, for $167 million.

April 2012: Brian Dunn Resigns as Best Buy CEO

In April 2012, Brian Dunn resigned as Best Buy's CEO during an internal investigation into personal misconduct. George L. Mikan III was named interim CEO.

May 2012: Richard Schulze Resigns as Best Buy Chairman

In May 2012, the internal investigation alleged that Richard Schulze, Best Buy's founder and chairman, knew of Dunn's inappropriate relationship. Schulze subsequently resigned as chairman, and Hatim Tyabji replaced him.

September 2012: Hubert Joly Appointed Best Buy CEO

In September 2012, Hubert Joly replaced George L. Mikan III as Best Buy CEO. Joly initiated price matching, faster delivery, "store within a store" sections for major brands like Apple, Google, Microsoft, and Samsung, and enhanced employee training.

2012: Best Buy Announces Transformation Strategy

In 2012, Best Buy announced plans to undergo a "transformation strategy" in response to declining revenue. This included redesigned "Connected Store" formats and the implementation of a "store-within-a-store" concept for Pacific Kitchen & Bath and Magnolia Design Center.

2012: Best Buy Ceases European Operations

In 2012, Best Buy discontinued its operations in Europe.

2012: Closure of UK Stores

In early 2012, Best Buy closed all 11 of its stores in the United Kingdom.

April 2013: Best Buy Exits European Market

In April 2013, Best Buy exited the European consumer electronics market by selling its 50% stake in The Carphone Warehouse for around $775 million.

June 30, 2014: Best Buy Focuses on Digital Media

On June 30, 2014, Best Buy reported a 4% sales dip for the quarter, marking the 10th consecutive quarter of sales decline. As a result, the company announced a focus on digital media in its marketing, shifting away from traditional advertising.

March 28, 2015: Best Buy Shuts Down Future Shop Chain in Canada

On March 28, 2015, Best Buy announced the shutdown of the Future Shop chain in Canada. 65 of the former 131 locations were converted into Best Buy locations, while the rest were permanently closed.

March 1, 2018: Best Buy to Shut Down Standalone Mobile Stores

On March 1, 2018, Best Buy announced it would shut down its 250 standalone Best Buy Mobile stores in the United States by the end of May, citing low revenue and high costs.

May 9, 2018: Best Buy Unveils New Logo

On May 9, 2018, Best Buy unveiled a new logo for the first time in nearly three decades.

July 2, 2018: Best Buy Reduces Store Space for Physical Music

On July 2, 2018, Best Buy announced it was cutting the amount of store space devoted to selling physical music, citing the popularity of streaming services.

2018: Fortune 500 Ranking

In 2018, Best Buy ranked number 72 on the Fortune 500 list of the largest United States corporations by total revenue.

April 15, 2019: Corie Barry to Replace Hubert Joly as Best Buy CEO

On April 15, 2019, Best Buy announced that its current CFO, Corie Barry, would replace Hubert Joly as CEO in June 2019.

June 2019: Corie Barry Becomes CEO

In June 2019, Corie Barry succeeded Hubert Joly as the CEO of Best Buy, with Joly becoming executive chairman.

December 2020: Best Buy Exits Mexico

In December 2020, Best Buy ceased operations in Mexico due to the economic impacts of the COVID-19 pandemic.

2021: Best Buy Lays Off Employees Amid Pandemic

In early 2021, despite increased sales of computer equipment due to the COVID-19 pandemic, Best Buy laid off over 5,000 employees and reduced many others to part-time positions.

August 2022: Best Buy Announces Layoffs and Cuts Forecast

In August 2022, Best Buy announced layoffs across the country after warning of weaker sales, and the company cut its forecast for the remainder of 2022.

October 13, 2023: Best Buy to Phase Out Sale of Home Video

On October 13, 2023, Best Buy announced that it would phase out the sale of home video on physical media in early 2024, citing changes in the market due to streaming video services.

October 20, 2023: Best Buy Technicians Viewed Private Customer Files

On October 20, 2023, a CBC News Marketplace investigation revealed that Best Buy technicians had accessed and viewed private files, including intimate photos, on customer devices. A technician was also caught copying photos onto a USB drive.

January 18, 2024: BCE Inc. and Best Buy Canada Announce Agreement for Best Buy Express

On January 18, 2024, BCE Inc. announced an agreement with Best Buy's Canadian division to rebrand selected locations of its competing chain, The Source, as Best Buy Express. These stores will integrate with Best Buy's e-commerce operations but will continue to be owned and operated by BCE under license.

March 2024: Best Buy Blocks Donations to LGBT Organizations

In March 2024, Best Buy agreed to block donations by employee resource groups to eight LGBT organizations due to their support for access to gender affirming care for trans minors, following threats of shareholder-related action.

January 2025: Best Buy to Relaunch Online Marketplace

In January 2025, Best Buy announced plans to relaunch its online marketplace for third-party sellers by Summer 2025, partnering with Mirakl, a marketplace software provider, to build the platform.