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Best Buy - The history
The history of the firm goes back to 1966 when Richard M. Schulze with a business partner took all his life savings and the second mortgage for his house, to start his own business and to open his dream shop, which would sell reliable stereo equipment. The same year the grand opening of the store took place in Saint Paul, Minnesota, and the shop was called Sound Of Music. The establishment was a great hit, and the first year it made $58 thousand profit. Three years later, Schulze was the only owner of the company and already had 3 stores and after another few years, the ninth shop was opened. Unfortunately in 1981, the most successful of the stores was hit by a tornado and was completely destroyed. Schulze took all left over, slightly damaged gear and arranged a "tornado sale" outside his devastated shop. It was a big success, and on the sale, the more money was made in 4 days, than for the whole month in the other stores. In 1983 the company added more products to their offer, to suit a slightly bigger customer base and renamed the firm to Best Buy Company, Inc. The same year, the first superstore was open in Burnsville in which business model was similar to the sale after a tornado. It had a wide range of products at low prices, and it became the most successful branch of all. In the next few years the company tried out a few different concepts of sale and all of them worked great.
In 1991 very first Best Buy in Canada was opened in Mississauga in Ontario. In 2001 Best Buy seized Canadian chain of shops called Future Shop and this is how the international expansion begins.
Nowadays Canada's Best Buy is a division of the parent company and it consists of more than 130 Best Buy stores as well as 53 Best Buy Mobile shops. Best Buy as a whole operates in the United States, Mexico, and Canada and has more than 1000 stores.