Best Buy Canada Marketplace: A How-To Guide for Retailers Best Buy How To Guide | Page 3

A Brief History of Best Buy
Best Buy is best known as a consumer electronics retail
powerhouse, but Best Buy’s origin is actually firmly rooted in the audio
industry. Founded in 1966 by Richard M. Schulze under the name The
Sound of Music, the Best Buy of today started as a specialty retail store
that mainly sold stereos. The Sound of Music quickly secured a foot-
hold in the broader electronics retail market by the late 1970s. By
the early 1980s it was making a profit of $5 million or more year over
year.
The name 'Best Buy' came about when disaster struck one
of their flagship locations. In 1981, a key retail location for the
budding chain was destroyed by a tornado. Looking to sell the
remaining products from the store, Schulze organized a flash sale
promising “best buys” on all remaining merchandise. The resulting
success led the company to a total rebrand under the name of Best
Buy in 1983. Centered on providing consumers with high quality
electronics at low prices, Best Buy continued on an arc of rapid
expansion and growth through a series of acquisitions, expanded
inventory offerings, and exclusive brand offerings like Rocketfish
and Insignia. 1, 2, 3
Today, Best Buy’s corporate strategy continues to draw
from their rich history by continuing to increase their depth of
product listings through their online sales chanel, Best Buy
Marketplace. Launched in Canada in the Fall of 2015, this cutting-
edge digital sales channel has quickly become a significant driver of
Best Buy’s product selection. Available to retailers looking to expand
their national reach under the established and well-known banner of
Best Buy, it has quickly taken hold in the online consumer retail
world.
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