History of Best Buy Retail Shop - Essay Example

The top portfolio of retail shops that deal in electronics, Best Buy is the largest of all with a value of around $20.5bn.

These stores are spread in countries like the US, Canada, China, and Puerto Rico. In the year 2007, the company was able to announce and expand its operation by up to 40 percent which prospected an increase in stores to a tune of 1800 globally on top of the already existing 1400 stores that operate in the US. This great company traces its roots back to 1966 in the state of Minnesota a place called St. Paul where it was called Sound Music Store. (Pinkerton 12)

The company waded through the murky waters of business, beating competition until the year 1983 when it rebranded to Best Buy with its first store opening in Burnsville Minnesota. The company managed to feature in Forbes magazine in the year 1993 where it was ranked as the second largest consumer shop that retails in electronics thus making it number 373 out of the top 500 companies in the US. In the year 1999, the company partnered with Microsoft which enabled it to open a sourcing point and a store in Shanghai, China in the years 2003 and 2007 respectively. The company is now completing its expansion process of putting up stores in countries like Turkey and Mexico as a process of continuing with its global expansion. The company is glorified by becoming the first one ever in the year 1997 in the history of the US that pioneered the sale of DVD hardware and software, again it also managed to be the first company that helped in the digital migration from analog ten years later. The last fortune came when the company was named company of the year in Forbes magazine in the year 2004. (Pinkerton, 16) Read More