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Headquarters:
7601 Penn Avenue South Website: http://www.bestbuy.com Best Buy is the nation's largest specialty retailer of electronics, computers and appliances with stores located in major malls across America. The company's brands include Best Buy, Audiovisions, The Carphone Warehouse, Future Shop, Geek Squad, Jiangsu Five Star, Magnolia Audio Video, Napster, Pacific Sales, The Phone House, and Speakeasy. Best Buy has 1,068 stores in 49 states and Puerto Rico. The international segment included 2,831 stores which includes Carphone Warehouse in the U.K. Best Buy also has special sections in stores featuring Apple products and stores with Best Buy Mobile sections. In fiscal 2010, the company reported revenues of $49.7 billion, a 10% increase, and net income of $1.31 billion. The company said it plans to open 50-to-55 net new Best Buy branded large-format stores primarily in the U.S. The company plans to open 75-to-100 small-format stores, primarily Best Buy Mobile stand-alone-stores in the United States. In addition, the company plans to open 10-to-15 Five Star stores in China. The company also operates Geek Squad, which offers on-site and in-store support for computer services to consumer and commercial customers. History Originally founded in 1969 by Richard Schulze and a business partner with the first Sound of Music store in St. Paul, MN. The Sound of Music had 9 stores in the Minnesota area and initially sold stereo products. It expanded into video products and then photography, home office products and TVs. In 1983, the company changed its name to Best Buy and opened its first superstore in Burnsville, MN. The company went public on the Nasdaq in 1985. In May 2008, Best Buy paid $2.1 billion to acquire 50% of Carphone Warehouse, a British retailer of mobile phones. Benefits Best Buy benefits coverage is available to employees, spouses, domestic partners and dependants. The full-time benefits offered are grouped together into three areas: Health and Wealth programs and Other Rewards. The Health benefits include medical, dental, vision, life insurance, disability and health and dependent care spending account programs. The Wealth benefits include 401(k) and the Employee Stock Purchase Plan. Best Buy also offers an array of Other Rewards including time-off programs, employee discount, tuition assistance, vendor accommodation programs and more. Updated March 25, 2010 |