Best Buy Co., Inc.

Best Buy Co., Inc. is an American consumer electronics retailer headquartered in Richfield, Minnesota, the largest specialty electronics retailer in the United States. It was founded in 1966 by Richard M. Schulze and a business partner as an audio equipment store in Saint Paul, Minnesota, called Sound of Music, and the company adopted the Best Buy name in 1983 after a promotional sale event of the same name proved unexpectedly successful. Best Buy grew through the 1980s and 1990s into a big-box superstore format selling consumer electronics, appliances, and entertainment products, and it survived a wave of electronics retail bankruptcies, including that of rival Circuit City in 2009, to remain the dominant specialty electronics chain in the United States.