Best Buy

Best Buy started in 1966 as a small audio shop called Sound of Music in St. Paul, Minnesota. Founder Richard Schulze and James Wheeler sold home and car stereos from a single store. By the early 1980s, Schulze had bought out his partner, added VCRs and appliances, and saw sales explode. In 1983, he rebranded the company as Best Buy and opened its first superstore in Burnsville, Minnesota. That store generated $28 million in its first year, more than the entire Sound of Music chain had ever made.

The company went public in 1985 under the ticker BBY. Its real turning point came with the Concept II store format, which eliminated commissioned sales. Customers could browse without pressure, and employees focused on knowledge rather than upselling. The model fueled rapid growth through the 1990s, turning Best Buy into the largest specialty electronics retailer in the United States. Today it operates more than 1,100 stores across the U.S. and Canada, with over 70 percent of Americans living within 15 minutes of a location.

Best Buy weathered the rise of Amazon by leaning into services. Its Geek Squad subsidiary handles installations, repairs, and tech support, generating roughly 7 percent of revenue. The company also runs a membership program, a media business, and has expanded into health technology through acquisitions like GreatCall and Current Health. In fiscal 2025, revenue was $41.5 billion, down from $43.45 billion the year before, reflecting ongoing pressure from online competitors. Still, Best Buy remains the dominant brick-and-mortar player in consumer electronics, known for its blue-shirted staff and price-matching guarantee. [edit]