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Best Buy Essay

1466 Words6 Pages

Best Buy is an electronics retailer headquartered in Richfield, Minnesota. Best Buy was founded in 1966 and ever since has grown to be one of the world's biggest retailers of consumer electronics. Besbtuy has 1,000 stores in the United States, Canada, as well as selling online products. The company offers many products like computers, phones, TVs, appliances, a wide selection of high-end products at competitive prices, as well as geek squad who offer support for technology repairs and installations. The Sound of Music which is now named "BestBuy'' was struck by a natural disaster that transformed the company. On June 14 1981 a tornado hit Minneapolis miles away from where BestBuy Corporate Headquarters is now. The tornado lasted 26 minutes for 16 miles and hit homes as well as the company "The Sound of Music". After the tornado all 65 employees at The Sound of Music went to help, clean …show more content…

Best Buy is a major market sharer and is known for being dominant in retailing electronics. Bestbuy operates 1,231 stores that are spread across the U.S., Europe, Mexico, China, Turkey, and Canada. The company also has intensive cost management and this was shown since 2019 Best Buy's earnings have gone up tremendously because of their effective cost management. Best buys interest expense went from $72 million in 2017 all the way down to $64 in the fiscal year 2020. Additionally, the company offers multiple shopping opportunities as the company encourages customers to shop for longer and to act on their wants and impulses. The company has invested a lot into incorporating stores into e-commerce which has led to an increase in online as well as in-store sales. A big strength Best Buy has is a big portfolio besides the company's wide range of brands that get sold. BestBuy has its own brands like Insignia, Magnolia, Pacific Sales, Modal, and many

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