The first Best Buy store opened on August 22, 1966.
Consumer electronics retail chain Best Buy celebrates its 50th birthday today, August 22. Best Buy was founded as Sound of Music in the capital city of St. Paul in 1966. Minnesota Governor Mark Dayton has designated today, Aug. 22, 2016, as “Best Buy Company Recognition Day” in honor of our 50th anniversary and contributions to the state.
In five decades of existence, Best Buy has employed more than 1 million people and given more than $50 million to nonprofit organizations. From 1966 to 1983, the company was known as Sound of Music, before rebranding as Best Buy. The retailer has put together a short trip down memory lane video featuring the Best Buy Tornado madness sale and other highlights in the 50 year history of Best Buy.
Best Buy launched a 50 hour and 50 Deals sale end of last week that was supposed to end on Saturday. The 50th anniversary sale is though still live on bestbuy.com. The banner even says: "Ends Saturday." Looks like all Best Buy staff has been celebrating hard like Ryan Lochte this weekend.
Best Buy founder Dick Schulze said about what he is most proud of in the 50 year history of Best Buy: "For me, these 50 years have really been an adrenaline trip. When I talk with customers from around the country, and they find out who I am, they are quick to tell me about their most recent experience and how much they appreciate what we do and the way we do it. I get a tremendous amount of satisfaction knowing that, 50 years later, we still stand apart in terms of how we value our customers and how we serve them."
I still remember my first time at a Best Buy store in California more than two decades ago. Big screen TVs everywhere and isle after isle filled with gadgets. Back then it was a worship place for geeks. Today, I get my electronics online.
Will Best Buy be around in 50 years from now? There are big challenges ahead, but that has been the case in the past too. Best Buy has been predicted to die many times before, but they are still around. Right now the seem stable, but where the company can go from here remains to be seen.