Best Buy

Description

BestBuy leading retailer of consumer electronics

BestBuy is sometimes called the "Big Blue Box" because of the prominent design on Best Buy stores.

BestBuy is a leading retailer of consumer electronics, personal computers, entertainment software, and appliances with the lowest prices on brand-name merchandise. Best Buy sells consumer electronics as well as a wide variety of related merchandise such as computers, computer software, video games, music, DVDs, Blu-ray discs, mobile phones, digital camera, car stereos and video cameras, as well as home appliances (washing machines, dryers, and refrigerators), in a non-commissioned sales environment. Each store also includes installation of car audio and video equipment, on-site installation services, as well as a Geek Squad "precinct" for computer repair and warranty service and accidental service plans.

Many BestBuy employees, especially at the corporate level, are under a policy of Results Only Work Environment. This model is increasingly being integrated at the store level.

BestBuy does not allow expensive gifts from vendors to be given to employees, nor does it allow employees to collect tips or gifts of any type from individual or corporate customers.

BestBuy building exteriors are usually light brown in color with the entrance in an area designed to look like a blue box emerging from the rest of the structure. Older stores have a more utilitarian brick building without the blue structure.

In April 2005, the company was the first major retailer to announce the elimination of all mail-in rebates.

BestBuy leading retailer of consumer electronics

BestBuy is a specialty retailer of consumer electronics in the United States, accounting for 19% of the market. It also operates in Mexico, Canada, China, Turkey and the United Kingdom. The company's subsidiaries include Geek Squad, ranked in the Top 10 of "America's Most Generous Corporations" by Forbes magazine in 2005. Best Buy became the primary electronics retail store (online and bricks and mortar) in the eastern United States, after smaller rival Circuit City went out of business. Fry's Electronics remains a major competitor in the western United States. Many locations feature in-store pickup, which can be arranged through the company's website.

Best Buy is also the largest retailer of cellular phones with phones from Verizon Wireless, AT&T Wireless, Sprint PCS, and T-Mobile. Best Buy also has standalone Best Buy Mobile stores in shopping malls that sell only a subset of products carried at the larger stores. Best Buy Mobile is also the only cellular phone retailer to feature no mail-in rebates for all of their cellular phones, instead opting to include most rebates instantly in the sale price of their phones.

In 2011, during the three-month period ended February 26, BestBuy saw its revenue and profits slide, but generated a profit of $651 million on revenue of $16.26 billion. In comparison to the same period in 2010, it tallied $16.55 billion in revenue and a $779 million profit.

Best Buy became the first national retailer to sell DVD hardware and software. Best Buy opened 1,000th physical store store located within the Mall of America.