Best Buy has become a household name when it comes to consumer electronics retail chains in the U.S., providing customers with a wide range of household electronics solutions.
So if you’re curious to learn more about the growth journey and current state of affairs of Best Buy, read on to find 23 statistics, facts, and trends on Best Buy’s history, growth, business, and much more!
Key Takeaways
23 Best Buy Statistics In 2022
Best Buy History Facts
1. Best Buy Was Founded By Richard Michael Schulze And James Wheeler In 1966
Richard Schulze and his business partner, James Wheeler, originally founded Best Buy as a store specializing in audio products in St. Paul, Minnesota, United States.
At the start of the first store opening, Schulze used his savings and later took a mortgage out of his family’s home to finance the newly set-up business.
2. Best Buy Got Its Current Name In 1983
Best Buy was branded as ‘Sound of Music,’ a store specializing in audio equipment and accessories during the store’s foundation.
Later on, in 1983, the store rebranded to the current household name ‘Best Buy Co.,’ with a plan to expand into retail consumer electronics.
3. Best Buy’s Main HQ Is In Minnesota, United States
Since the foundation of Best Buy in 1966, the store has maintained its headquarters in Minnesota, US.
The store’s physical headquarters is at 7601 Penn Avenue S, Richfield, Minnesota, U.S.
Although the store has expanded to become a multinational electronics store, Minnesota remains Best Buy’s headquarters with several physical stores in the locality.
Best Buy Growth Statistics
4. Best Buy Now Operates Internationally From A Single Store In Minnesota
With the headquarters in Minnesota, Best Buy has expanded internationally and is currently operating in Mexico and Canada.
Best Buy was operating in China until February 2011, when the faction was merged with Five Star. The company has also operated in Europe until 2012.
Currently, Best Buy owns subsidiaries including Pacific Sales, Magnolia Audio Video, and Geek Squad.
5. Best Buy Has Received Numerous Performance Acknowledgments
Since the beginning of operations at Best Buy, the store has continued to gain international recognition due to its stellar performance in the consumer electronics industry.
In 2004, the store gained recognition from Forbes Magazine as the “Company of the Year.”
Additionally, the store was recognized by Barron’s as “The Most Sustainable Company in the United States” in 2019.
Other than that, Yahoo! Finance has also named Best Buy as the largest specialist retailer in America under the consumer electronics retail industry.
6. Best Buy Currently Operates In 1159 Worldwide Stores
As of 2021, Best Buy operates in 1159 worldwide stores, which is a decline of 600 from the previous maximum of 1779 stores.
During the early 2010s, Best Buy experienced a steady growth graph that increased the number to 1779 by 2013.
With the exit of Best Buy from China and the UK, the number of stores generally declined to the current 1159 as of 2021.
7. Best Buy Has Experienced 37% Sales Growth During The Pandemic
Best Buy’s sales report by the first quarter of 2021 indicates the Best Buy has grown sales from the previous year by 37.2%.
Corie Barry, the current CEO, revealed that the sales were ‘extraordinarily high’ due to the high focus on homes by the consumers.
Best Buy Operation Statistics
8. The Majority Of Best Buy’s Stores Are In The United States
With 1159 worldwide stores, 1036 of the stores are located in the United States. Because of this, most of Best Buy’s market share and gross revenue are driven by the domestic market in the United States.
With the general decrease in Best Buy stores worldwide, domestic stores have also dropped to below 1000 in 2021.
The closure of Best Buy Mobile standalone stores has been a major contributor to the decrease of Best Buy’s store count.
9. Best Buy Sells Electronic Products And Accompanying Services
Best Buy is currently a multinational retailer, selling both products and services through three channels: online (Bestbuy.com), Best Buy retail stores, and call centers.
Customers can select their preferred channel and buy a wide range of consumer electronics.
Additionally, Best Buy offers services such as maintenance services under the Geek Squad subsidiary.
10. Best Buy Produces Products Under Eight House Brands
Best Buy produces products under the following eight house brands:
- Pacific Sales
- Modal
- Dynex
- Init
- Insignia
- Magnolia Design Center & Magnolia Home Theater
- Platinum
- RocketFish and RocketFish Mobile
11. Best Buy’s Largest Segment Is Computing And Mobile Phones
With a strong presence in the e-commerce market, Best Buy’s revenue is primarily generated from computing equipment and mobile phones.
A minority of the revenue is generated from the entertainment, appliances, and services segment.
12. Best Buy Experiences Strong Competition In The E-commerce Space
With Amazon dominating the e-commerce market in America at almost 40%, Best Buy’s shares of the e-commerce market are relatively low.
Several other stores such as Apple and Walmart have also dominated the e-commerce market as compared to Best Buy.
When Best Buy’s direct competitor, Circuit City, filed for bankruptcy, Best Buy was elevated to compete with top stores such as Target, Amazon, and Costco.
Best Buy Employee Facts
13. Best Buy’s Employees Earn An Average Of $13.67 An Hour
Based on the hourly rates of different employees within the store, the average payment to employees is $10.81 – $ 20.92.
At Best Buy, the Retail Supervisor earns the most amount, with an hourly rate of $18.66, while the cashier makes the least wage at a $9.63 hourly rate.
14. Best Buy Staff Comprises Of Hardworking Employees
Best Buy employees are committed to 100% customer satisfaction.
Both online and in-store sales representatives offer customers valuable assistance to make the shopping experience smooth and enjoyable.
15. Best Buy’s Loss Prevention Officer Is Trained To Remain Calm
Best Buy operates an active Loss Prevention System that is spearheaded by the ‘no touch’ policy.
This policy prohibits employees and Loss Prevention officers from having physical confrontations with customers suspected of shoplifting.
16. Best Buy’s Employees Work For 4-8 Hours Per Day
Depending on the rank and employment status of the employee, the work hours at Best Buy range from 4-8 hours.
On average, full-time employees work for 8-9 hours whereas part-time employees work for 4-5 hours.
17. Best Buy Has Laid Off Over 5000 Employees In Early 2021
With the onset of the COVID -19 pandemic, Best Buy has reported an increase in online sales. Because of this, it has laid off many store employees because of lockdowns.
Also, this has lead to most of the employees being enrolled in part-time positions.
Best Buy Logistic/Distribution Facts
18. Best Buy Offers Free Same-Day Pick Up On Orders From Best Buy Warehouses
Best Buy offers free same-day deliveries for items available in stock at the Best Buy warehouses for customers who need new appliances right away.
The retail chain has optimized its warehouse logistics such that it can manage to deliver a huge volume of appliances on the same day from its warehouses.
19. Best Buy Has Over 23 Distribution Centers In The US
Through several years of preparation and investment, Best Buy has established over 23 distribution centers in the U.S. to ease the increasing demand for products from the online store.
This has helped Best Buy sustain its position in the e-commerce market and prevented it from falling out of the e-commerce race.
Best Buy Emerging Trends
20. Best Buy Has Benefitted From Strong Tech Demand In Q1 2021
Best Buy has benefited from the high tech demand in the first quarter of 2021, resulting in a high sales report.
21. Best Buy’s Home Marketing Strategies Have Increased Demand For TVs And Home Consultations
Best Buy attributes the hot housing market as a notable reason why RocketFish has had strong sales in the first quarter.
The company’s CEO declared that the store has a unique advantage by selling products and services like home installations.
22. Best Buy’s Expected Downfall Is Not Forthcoming
With the continuous decrease in the number of stores, several individuals have expected the downfall of the consumer electronics store.
In 2012, Forbes declared, “Best Buy is going out of business; it’s only a matter of time, perhaps a few more years.”
However, Best Buy has defied expectations by strengthening the sales and utilizing Best Buy’s Geek Squad to its full potential.
23. Best Buy Is Experiencing Uncertainty In Forecasting Growth Trends
While Best Buy has experienced tremendous growth in sales within the first quarter, the store experiences uncertainty in forecasting sales within the fourth quarter in 2021.
To know more, you can also read our posts on Best Buy’s competitive advantages, the Best Buy target market, and if Best Buy is a franchise.
Conclusion
From a single store in the US, multinational consumer electronics retailer, Best Buy, continues to gain command on the e-commerce market by being one of the leading electronic stores in America.