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In 1966, Richard Schulze opened Sound of Music. 9 locations operated in Minnesota.

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In 1981, the Roseville, MN location was struck by a Tornado. Only the storeroom was left intact. Schulze moved everything into a warehouse and started promising "Best Buys" on everything.

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In 1983, the company officially changed its name to Best Buy Company Inc. and opened the first superstore in Burnsville, MN.

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In 1989, Best Buy launched a new store concept.

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They began by replacing dimly lit industrial-style stores with brighter and more fashionable fixtures. Stores also began placing all stock on the sales floor rather than in a stock room.

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Best Buy had fewer salespersons and provided more self-help product information for its customers. Best Buy also did away with commissioned salespeople.

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The commission-free sales environment created a more relaxed shopping environment free of the high-pressure sales tactics used in other stores, but was unpopular with salespersons and suppliers. Some suppliers, such as Maytag, Whirlpool and Sony, were upset that salespeople would no longer be pushing their products and stopped selling their wares in the stores. The suppliers returned after Best Buy’s sales and revenue grew following the roll-out of Concept II.

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Best buy. (2020, November 18). Retrieved April 11, 2021, from https://www.companieshistory.com/best-buy/

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They were larger than previous stores. They included expanded product offerings; interactive touchscreen kiosks that displayed product information for both customers and employees. They also created demonstration areas for products such as surround sound stereo systems and video games.

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This concept expanded into New England in 1998. They also included an open layout with products organized by category, cash registers located throughout the store, and slightly smaller stores than Concept III. The stores also had large areas for demonstrating home theater systems and computer software.

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In 2000, Best Buy created Redline Entertainment and acquired Magnolia Hi-Fi, Inc.

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Brad Anderson took over as CEO, succeeding Richard Schulze. First store was opened in Canada. Best Buy also acquired Geeksquad, that same year.

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Melissa_repko. (2021, February 25). Best buy is speeding changes to adapt to a post-pandemic consumer: Smaller-and fewer-stores ahead. Retrieved April 12, 2021, from https://www.cnbc.com/2021/02/25/best-buy-is-speeding-changes-to-adapt-to-a-post-pandemic-consumer.html

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Best Buy created the "Rewards Zone".

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Revamped website. Geeksquad precincts launched in all U.S. stores.

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Best Buy became the first retailer to make the total switch from selling analog products to only digital.

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Launched Best Buy Mobile.
Brian Dunn replaced Dan Anderson as CEO.

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Stores adopted a redesigned “Connected Store” format, providing the Geek Squad with a centralized service desk and implementing a “store-within-a-store” concept for Pacific Kitchen & Bath and Magnolia Design Center.

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Took over as CEO for Best Buy in 2012.

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There were five pillars to the transformation:

1. Reinvigorate and rejuvenate the customer experience.

2. Attract, grow, engage and inspire transformational leaders and employees.

3. Work with vendors and partners to innovate and drive value.

4. Increase our return on invested capital.

5. Continue our leadership role in positively impacting the world.

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Waldorf, T. (2020, March 22). Renew blue: Best buy's turnaround. Retrieved April 11, 2021, from http://www.tjwaldorf.com/renew-blue-best-buys-turnaround/

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Took over as CEO in 2019

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Best Buy will transform its workforce, store fleet and sales strategy to focus more on e-commerce. The company is laying off thousands of employees and reskilling others for digital roles. It is testing new stores with a smaller sales floor and more space for fulfilling online orders. It is also considering shrinking the footprint of its 1,000 stores across the country.
Best Buy laid off and gave severance to about 5,000 employees, most were full-time.