Best Buy was founded in 1966 and specializes in selling electronics, including TVs, gaming consoles, major appliances, and more. There are currently over 1000 Best Buy stores around the world, indicating the company’s popularity with customers.
However, if you haven’t heard of Best Buy before, you may be wondering what the brand is known for, what type of store best buy is, and what makes Best Buy unique. If you’d like to find out, keep reading!
What Is Best Buy?
Best Buy is a specialty retailer that sells electronics and is the largest electronics retailer in the United States as of 2022. The products Best Buy offers include mobile phones, major appliances, and entertainment products. Additionally, Best Buy regularly offers its customers competitive prices through offers such as Deal of the Day.
For more information about Best Buy, including who owns the Best Buy company, what products Best Buy sells, and which state has the most Best Buy stores, then keep reading!
What is Best Buy Known For?
Best Buy is known for being the largest retailer specializing in electronics within the United States.
As well as selling a variety of electronic and technological products through its physical stores and website, Best Buy also offers its customers technical support services.
The technical support offered by Best Buy helps its customers to utilize its products and well as decide which new ones to purchase.
What is Best Buy’s Target Audience?
The demographic that Best Buy appeals to is primarily those aged between 21 and 40 years of age, often in the low to middle-class socioeconomic group.
Best Buy targets this age group as they’re the most familiar and knowledgeable about technology and are therefore more likely to invest more in electronic products, which helps increase Best Buy’s profits.
How is Best Buy Different?
The primary reason Best Buy is different from other retailers is that it has no direct large brick-and-mortar competitor.
Competitors of Best Buy such as Target or Amazon sell a wider range of products than Best Buy, and the exclusive choice of electronic products offered means that employees will be more knowledgeable about the products they sell.
Best Buy also chooses to engage with its customers by offering exceptional customer service, as it has been found that customers who love Best Buy products are more likely to spend 1.5 times the average customer.
The motivations of Best Buy are also to add a human touch to the sales of technology, which is now primarily online, through the use of physical stores.
What Type of Store is Best Buy?
Best Buy is a retail chain that sells exclusively consumer electronics through its physical stores and website.
As stated above, in the United States there’s no direct competitor for Best Buy, as other retailers who specialize in technology are not as large, and larger companies sell a more diverse range of products than Best Buy.
What is the Purpose of Best Buy?
Best Buy has stated that its purpose is to ‘enrich lives through technology’ by offering both products and technical help within stores and on the company website.
By meeting the needs of its customers, Best Buy ensures repeat business which allows the brand to thrive.
What Does Best Buy Sell?
Best Buy focuses its merchandise exclusively on consumer electronics and other products. According to the website, Best Buy has 18 different departments of electronic products.
The departments sold by Best Buy include the following:
- TV & Home Theater
- Computers & Tablets
- Camcorders & Drones
- Cell Phones
- Video Games
- Movies & Music
- Car Electronics & GPS
- Wearable Technology
Best Buy also offers customers electronic living options such as the following:
- Health & Wellness
- Sports, Fitness & Outdoors
- Sustainable Living
- Furniture & Office
- Smart Home
- Security & WIFI
- Toys, Games & Collectibles
It’s also possible to purchase Gift Cards for Best Buy, as well as other types of gift cards such as Restaurant and Gaming gift cards.
Who Owns Best Buy?
The owner of Best Buy is Richard Michael Schulze, who founded the business, and previously served as Chairman and CEO of Best Buy.
The current CEO of Best Buy is Corie Barry, who was appointed in 2019, replacing Hubert Joly, who was CEO from 2012-2019.
How Many Best Buy Stores are in the World?
There are currently 1036 Best Buy stores in operation around the world. There are Best Buy stores in 52 states and territories, as well as 785 cities.
Best Buy currently has 102,000 employees servicing the stores, warehouses, and other crucial parts of the company’s operational process.
What State Has the Most Best Buy Stores?
The state with the most Best Buy stores is currently California, which has 143 Best Buy locations, comprising 13% of the total number of Best Buy stores.
The states with the second and third highest number of Best Buy stores are Texas (with 106 locations) and Florida (with 65 locations) respectively.
Best Buy sells a variety of consumer technology including large appliances, televisions, gaming consoles, and more. Customers can purchase technology within Best Buy stores or by shopping on BestBuy.com.
Additionally, Best Buy also offers its customers technical support and help when they’re shopping. Overall, the dedication to the ‘human touch’ of technology in customer service is what makes Best Buy successful.