Best Buy

Best Buy Co., Inc. stands as a leading figure in the consumer electronics retail industry, serving customers throughout the United States and Canada. The company traces its roots back to 1966 when Richard M. Schulze founded it as Sound of Music, initially focusing on audio equipment. In 1983, the company rebranded to Best Buy to better represent its expanding range of consumer electronics. Over the years, Best Buy has grown from a single store in Minnesota to an influential retail entity, boasting over 1,000 physical locations and a strong online presence as of November 2024.

Today, Best Buy offers a diverse array of products, including computers, mobile devices, home appliances, audio equipment, televisions, smart home technology, and health-related devices. The company also features private-label brands like Insignia and Rocketfish. A standout aspect of Best Buy is its service offerings, particularly through Geek Squad, which provides installation, repair, and technical support, and the Totaltech membership program, which delivers extended warranties and support services.

Under the leadership of CEO Corie Barry since 2019, Best Buy has focused on digital transformation, enhancing supply chain efficiency, and pursuing sustainability initiatives such as recycling and trade-in programs. The company remains headquartered in Richfield, Minnesota, employing over 85,000 individuals.

Best Buy's strategic approach over the past five years has centered on optimizing its existing store footprint and enhancing its omnichannel capabilities rather than aggressively expanding its physical locations. This includes investing in store remodels, digital infrastructure, and service innovations to stay competitive in the retail landscape.

For landlords, brokers, and developers, Best Buy's established reputation and adaptability to evolving consumer technology needs make it a valuable anchor in shopping centers. Its commitment to maintaining a strong omnichannel presence and service innovation ensures its role as a stable and forward-thinking tenant in the electronics and appliance sector.