Best Buy Co., Inc. is a leading American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Founded in 1966 by Richard M. Schulze and James Wheeler as an audio specialty store called Sound of Music in St. Paul, Minnesota, the company transformed significantly over the decades. In 1983, it was rebranded as Best Buy Company, Inc., shifting focus to a superstore format that emphasized low prices and a wide selection of consumer electronics, home appliances, and VCRs, targeting a broader and more affluent customer base[1][4][5]. Key milestones in Best Buy’s evolution include its 1985 Initial Public Offering (IPO), which provided capital for rapid expansion across the United States[1][3]. In 1988, Best Buy introduced its innovative "Concept II" store format, eliminating commissioned salespeople to create a more relaxed shopping environment and placing all stock on the sales floor for better customer access. Though initially controversial with suppliers and employees, this concept proved successful and fueled growth[1][4]. Subsequent store concepts (III and IV) enhanced customer experience with larger spaces, interactive displays, and product demonstration areas[3][5]. Best Buy’s strategic acquisitions, such as the 2002 purchase of Geek Squad, integrated tech support services that broadened its revenue streams and strengthened customer relationships[1]. In response to e-commerce competition, Best Buy launched the "Renew Blue" transformation in 2012, led by CEO Hubert Joly, focusing on cost-cutting, enhancing omnichannel retailing, and revitalizing the customer experience[1]. From 2018 to 2024, Best Buy emphasized health technology, digital expansion, and service innovations to adapt to shifting consumer behaviors[1]. Today, Best Buy remains a dominant force in consumer electronics retail, noted for its customer-centric store formats, integrated tech services, and ability to evolve amid intense competition, including the demise of many rivals like Circuit City