Best Buy Company Background

Best buy is a company with a history of 41 years and is headquartered in the United States of Minnesota.The company which has a sustained growth is among the creative Fortune 100 companies. It started from a small audio-visual products retail store which was called " the sound of music " and was expanded to the imaging products in the early 80's. In 1983, the company changed its name to "best buy".

Also in 1983, best buy changed its market strategy. It began to use the method of large-scale sales, including providing diversified products and holding the concept of" supermarket " to manage the company. In 1989, best buy noticeably changed its retail method by introducing the concept of self-service and discount stores so that consumers had more autonomy in the shopping process.

In fiscal 2000, best buy set up its first online store, www.bestbuy.com. And its turnover reached 3.6 billion dollars in fiscal 2007. With more than 1100 chain stores in the United States, Canada and China, best buy has more than 140,000 employees all over the worl.

In 2010, Best Buy announced a joint venture with The Carphone Warehouse in which it would open branded superstores in the United Kingdom and other European countries. Four additional stores were opened by the end of 2010, with five more planned for the following year. However, the company's financial struggles in the region led to the closure of Best Buy Europe by the end of 2011. Best Buy also closed a Future Shop location in Montreal's St. Laurent borough.

In 2012, in response to the decline, Best Buy announced plans to undergo a "transformation strategy". Stores began to adopt a redesigned "Connected Store" format, providing the Geek Squad with a centralized service desk and implementing a "store-within-a-store" concept for Pacific Kitchen & Bath and Magnolia Design Center. In addition, the company closed fifty stores in the U.S., including a high-profile location on Newbury Street in Boston, Massachusetts.

In July 2012, the company began to shift its focus to Best Buy Mobile stores, primarily in shopping malls. On August 20, 2012, it was announced that Hubert Joly would be the full time CEO replacing Interim CEO G. Mike Mikan effective September 2012.

Dual Brand(Successfully applied in Canada)

During fiscal 2003, Best Buy launched a dual-branding strategy in Canada.The management team operated both the Future Shop and the Best Buy stores in Canada. They introduced the Best Buy brand, opening eight stores in the Toronto, Ontario market. These stores, which replicate the Best Buy experience in the United States,