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Best Buy Co., Inc. (NYSE: BBY) is a specialty retailer of consumer electronics in the United States accounting for 19% of the market. It also operates in Canada, Mexico, and China. The company's subsidiaries include Geek Squad, Magnolia Audio Video, Pacific Sales, and, in Canada operates under both the Best Buy and Future Shop label. Together these operate more than 1,150 stores in the United States, Puerto Rico, Canada, China, Mexico and Turkey. The company's corporate headquarters are located in Richfield, Minnesota. On June 26, 2007, Best Buy announced a 40% increase in its operations, with plans to operate more than 1,800 stores worldwide, including 1,400 Best Buy stores in the United States.
With the recent 50% acquisition of UK-based mobile phone operation The Car phone Warehouse's retail division, Best Buy announced that it would open branded superstores in the UK and other European countries. Best Buy will first open stores in the UK, with plans for up to 200 stores eventually, although the initiative has been delayed until Spring 2010 by the state of the retail market. It is also considering purchasing UK rivals Kesa Electricals (owner of Comet), DSG International (owner of Currys), or both. It is unknown whether these stores will rebrand if acquired by Best Buy. The first two Best Buy stores in the UK will open at The Junction retail park near Lakeside Shopping Centre in Thurrock Essex, and near Southampton at Prupim’s Hedge End Retail Park. A 10 year lease has been signed for the Lakeside store with 50,000 square foot of retail space, while the Southampton store will cover 35,000 square foot. In total 20 locations are planned for 2009 which will
all be big box format, however the company is looking for a flagship store in Central London in a prominent area such as Piccadilly Circus, Oxford Street or Regent Street.
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 magazine, and made Fortune Magazine's List of Most Admired Companies in 2006.
On March 9, 2009, 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.
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 a department for audio/visual equipment for automobiles, offering on-site installation services, as well as a Geek Squad "precinct" for computer repair and warranty service and accidental service plans.
Best Buy prides itself on the fact that their sales people are not on commission.
Best Buy employees are under a policy of Results Only Work Environment.
Best Buy does not allow expensive gifts from vendors to be given to employees (SPIFFS, etc), nor does it allow employees to collect tips or gifts from customers of any type.
Best Buy 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.
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