Best Buy Co., Inc. is an American multinational consumer electronics corporation headquartered in Richfield, Minnesota, a Minneapolis suburb. It operates in the United States, Mexico, Canada and China. The company was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialty store. In 1983, it was renamed and rebranded with more emphasis placed on consumer electronics.
Best Buy’s subsidiaries include CinemaNow, Geek Squad, Magnolia Audio Video, Pacific Sales, and Cowboom. Best Buy operates under the Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video and Pacific Sales brands in the United States; the Best Buy, Geek Squad, Best Buy Mobile brands in Canada; Best Buy Mobile and Five Star in China; and Best Buy, Best Buy Express, and Geek Squad in Mexico. Best Buy sells cellular phones with phones from Verizon Wireless, AT&T Mobility, Sprint PCS, Boost Mobile,and T-Mobile USA, in regular stores and standalone Best Buy Mobile stores in shopping malls.
Best 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), and made Fortune magazine’s List of Most Admired Companies in 2006.
Hubert Joly serves as Best Buy chairman and CEO.