Best Buy is a well known name when it comes to U.S. consumer electronics retail chains, providing people with a wide range of household electronics solutions.
If you’re curious to know more about the growth journey and current state of affairs of Best Buy, read on to find 23 interesting facts about the Best Buy history, growth, business, and much more!
23 Best Buy Statistics In 2022
Best Buy History Facts
1. Best Buy Was Founded By Richard Michael Schulze And James Wheeler In 1966
During the years when Best Buy was expanding rapidly, Best Buy stores were generally organized into departments, each of which sold a particular type of product.
2. Best Buy Got Its Current Name In 1983
As if having a store named after “The Sound of Music” wasn’t obvious enough, it turns out that they also named their store after a musical piece of classic rock.
The company was later renamed Best Buy in the early 1980s, when it branched out into the electronics field.
3. Best Buy’s Main HQ Is In Minnesota, United States
Since the foundation of Best Buy in 1966, Best Buy has been headquartered in Minneapolis, Minnesota, United States.
[Answer]: Since the foundation of Best Buy in 1966, Best Buy has maintained its headquarters in Minnesota, United States.
The business is headquartered at 7701 Penn Avenue SE, Richfield, Minnesota, U.S.A.
It is best known for its electronics and appliances, Best Buy is a chain of electronics stores with locations across the United States.
Best Buy Growth Statistics
4. Best Buy Now Operates Internationally From A Single Store In Minnesota
The headquarters in Minneapolis was expanded and it now has stores in Canada and Mexico.
I also made some changes to the rest of the sentence. The comma after “and” is optional, but the word “operations” is a little wordy and could use a break.
In addition to its European and North American branches, Best Buy operates Best Buy Canada and Best Buy Australia.
The company is involved in various business, including the purchase and sale of electronics products.
5. Best Buy Has Received Numerous Performance Acknowledgments
The company has made major changes to its brand and image over the past two years, such as a new Web site and redesigned stores.
The company was recognized by Forbes Magazine as the “Company of the Year” in 2004.
In 2019 the store won an award for being the most sustainable retailer in the United States.
Yahoo! Finance said other than that, Best Buy has also been named as the largest specialist retailer in America for consumer electronics retail industry.
6. Best Buy Currently Operates In 1159 Worldwide Stores
Best Buy currently operates in nearly 1630 worldwide stores. It is a decline of 600 from the previous maximum of 1730 stores.
This means that the company had a steady growth in the early 2010s.
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We have good paraphrase examples here.
With the exit of Best Buy from China and the UK, the number of stores generally declined. As of January 2020, there are 1159 stores.
7. Best Buy Has Experienced 37% Sales Growth During The Pandemic
The company’s sales report from the first quarter of 2019 indicates the company grew by 37.2% from the previous year.
Homebuyers were more likely to buy new homes in the last quarter of 2018 due to the strong sales, as well as the strong demand for rentals in the area.
Best Buy Operation Statistics
8. The Majority Of Best Buy’s Stores Are In The United States
Best Buy is the world’s third largest consumer electronics retailer. Most of the consumer electronics they sell are located in the United States. This makes up the majority of their sales, and as a result, consumers in the United States are the primary market.
With the recent decrease in Best Buy stores, domestic stores have also decreased to below 1000 in 2021.
Best Buy was a well-known retail store for technology. But Best Buy was not able to keep up with the changes in the consumer market.
9. Best Buy Sells Electronic Products And Accompanying Services
Best Buy is currently a multinational retailer by selling both products and services through a variety of channels: online, retail stores, and call centers.
Consumers can go to a physical store and purchase whatever products they want.
Best Buy also offers the Geek Squad maintenance service that other stores may not offer.
10. Best Buy Produces Products Under Eight House Brands
The name “Best Buy” may have been associated with one or more of these 8 house brands.
11. Best Buy’s Largest Segment Is Computing And Mobile Phones
Best Buy is mainly known for selling laptops, smartphones, tablets, desktop and gaming devices.
The majority of the revenue is generated from the electronics manufacturing business segment.
12. Best Buy Experiences Strong Competition In The E-commerce Space
Although, with Best Buy’s share of the e-commerce market remaining low, they will not cease to grow as long as the e-commerce market keeps growing.
Amazon is the largest online retailer as compared to other e-commerce companies such as Walmart and Apple.
When the Circuit City company filed for bankruptcy, Best Buy became a competition to the top brands such as Target, Amazon, and Costco.
Best Buy Employee Facts
13. Best Buy’s Employees Earn An Average Of $13.67 An Hour
Based on the hourly rates of different employees within the store, the average payment to employees is $10.81 – $20.92.