The store's roof was sheared off and showroom destroyed, but the storeroom was left intact. In 1981, the Roseville, Minnesota, Sound of Music location, at the time the largest and most profitable Sound of Music store, was hit by a tornado. Sound of Music operated nine stores throughout Minnesota by 1978. In 1969, Sound of Music had three stores and Schulze bought out his business partner. Sound of Music earned $1 million in revenue and made about $58,000 in profits in its first year. In 1967, Sound of Music acquired Kencraft Hi-Fi Company and Bergo Company. Schulze financed the opening of his first store with his personal savings and a second mortgage he took out on his family's home. Schulze and a business partner opened Sound of Music, an electronics store specializing in high fidelity stereos in St. The company ranked number 72 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. According to Yahoo! Finance, Best Buy is the largest specialty retailer in the United States consumer electronics retail industry. Hubert Joly is executive chairman of Best Buy, having been succeeded as CEO by Corie Barry in June 2019. In Canada, carriers include Bell Mobility, Rogers Wireless, Telus Mobility, their fighter brands, and competing smaller carriers, such as SaskTel.īest Buy was named "Company of the Year" by Forbes magazine in 2004, "Specialty Retailer of the Decade" by Discount Store News in 2001, ranked in the Top 10 of "America's Most Generous Corporations" by Forbes in 2005 (based on 2004 giving), made Fortune magazine's list of "Most Admired Companies" in 2006, and "The Most Sustainable Company in the United States" by Barron's in 2019. Best Buy sells cellular phones from Verizon Wireless, AT&T Mobility, Sprint Corporation in the United States. Best Buy also operates the Best Buy Mobile and Insignia brands in North America, plus Five Star in China. Its subsidiaries include Geek Squad, Magnolia Audio Video, and Pacific Sales. The company also operated in Europe until 2012. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music, it was rebranded under its current name with an emphasis on consumer electronics in 1983.īest Buy operates internationally in Canada, and formerly operated in China until February 2011 (when the faction was merged with Five Star) and in Mexico until December 2020 (due to the effects of the COVID-19 pandemic). Best Buy is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota.
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