Best Buy is one of the largest retailers in the world and operates over 1000 stores worldwide. It sells all sorts of electronic products and provides technical support to customers. The company also offers repair services at its retail locations.
Best Buy started in 1966 as an audio specialty store. In the 1980s, the company refocused on consumer electronics. That same year, the company launched its first superstore in Burnsville, Minnesota. A year later, the company went public on the New York Stock Exchange.
Best Buy is known for its low prices and its wide variety of choices. However, many consumers have criticized the company’s sales practices, especially its in-store commissions. Some suppliers are hesitant to sell their products in Best Buy’s stores.
Another major complaint is the unresponsiveness of its Geek Squad customer service representatives. Customers have to wait up to two weeks to get an answer from the service department. As a result, many consumers have stopped using the Geek Squad. Despite that, Best Buy still retains a small staff of Geek Squad technicians. This may be one of the reasons why Best Buy’s customer satisfaction is so high.
Best Buy’s business model remains in place. As a result, it is likely that it will continue to expand its product offerings as technological developments occur.
One of the most recent examples of this is the promotion that Best Buy ran for HD DVD. It prompted Toshiba to drop the HD DVD format. The store also began to offer Blu-ray optical discs as a replacement.
For more information on Best Buy, see the company’s website. There, you’ll find an array of consumer electronics, including televisions, laptops, and cell phones. You can also check out the company’s app, which features real-time deals and coupons.
Best Buy is currently positioned as the number one marketer of consumer electronics in the United States. In 2011, the company held the highest market share of all electronics stores in the US. But, it is not the only retailer in the industry. Amazon (AMZN) is another large competitor that has made its mark in the consumer electronics industry.
Best Buy’s primary competitive strength is price. While it does offer a wide range of products, the company’s competitors sell a variety of goods. Therefore, it is important to shop smart.
Some companies, such as Wal-Mart, also provide consumers with a variety of electronics. However, they don’t have the same consumer-centric business model that Best Buy does. Like Best Buy, Walmart is a large retailer that operates through a brick-and-mortar store system. If you want to buy an expensive item, you will pay more for it in a brick-and-mortar store than if you buy it online.
Among the most important factors that will determine the future of Best Buy is the company’s brand reputation. The quality of the Best Buy name will be key in achieving its strategic vision.
In 2004, the company announced plans to open 60 more U.S. stores and three Future Shops in Canada.