Best Buy provides the best technology products, services, and solutions all around the globe. Their range of services goes from offering expert services to consumers, small businesses, and educators to providing the average man with his regular everyday beverages.
These services are available at an unbeatable price to more than 1.5 billion consumers all year round. And the company’s range of clients runs in a very deep fashion. Sales are made to those who visit the walk-in stores, engage with field Agents, use BestBuy.com online shopping platform or the Best Buy app.
The company has operations in the U.S. Canada and Mexico and ensures to have a Best Buy store where more than 70% of the population lives. Or at least within 15 minutes interval to a best buy shop as a way to increase the company’s physical and online presence.
The company was founded by Richard Schulze with the name “Sound of Music” in 1966 but was renamed to Best Buy by 1983. The company generates nearly $40 billion on a yearly interval and has more than 1,500 stores in North America with an employee rate of 125,000+ people.
The company on a nationwide scale carries out a recycling program that collects up to 409 pounds of electronics any time the stores are open.
Best Buy’s Policy
Best Buy works with the belief that they can continuously create an unbelievable user experience when they follow an approach. These approaches conceive tapping into the power of the people and make the most of their unique talents. Their life experiences, beliefs, and backgrounds can be invested into the culture. And to create growth opportunities for employees they are also empowered to engage in the company’s transformation.
Companies Owned by Best Buy
Geek Squad: Originally started in 1994, till date still offers on-site, in-site and Internet-based technical support, installation and repair services. Although it has recently moved up its services into applications, appliances, cell phones, cameras, home connections and installations, home theaters, wearable technology and video gaming. This support service is available on a 24/7 all year round and so far, is the key revenue driver.
Magnolia Hi-Fi, Inc.: This Company was bought up by Best Buy for $87 million in the year 2000 with a plan to keep its retail stores as an independent luxury brand. But the Seattle-based company with 13 retail audio and video store locations was integrated into the Best Buy showrooms. Alongside its loyal customers that regularly buy goods worth $5,000-$9,000 on products like the McIntosh amplifiers.
Pacific Sales: Pacific Sales Kitchen and Bath Centers Inc. was sold for $410 million in January 2006 to Best Buy. The company came with 14 stores in Southern California and this brand also caters to high-end customers. Pacific Sales specializes in brand-name kitchen and home appliances and builders and professional contractors willing to pay top dollar for customized service and expensive brand-name products.
Currently, there are 176 in-store locations with plans to open 27 more expansions in 2017, according to Best Buy’s annual report.
At Best Buy, everyone’s talents, life experiences, beliefs, and backgrounds is of a high value which is exclusively the a part of the reason they are so good at what they do “creating incredible experiences for diverse customers in a world with diverse cultures”.