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About Best Buy:
Best Buy Co. – A Promising Multinational Retail Corporation for Consumer Electronics in the US
Best Buy Co. is one of the most eminent multispecialty retail corporations of consumer electronics in the US. Having its significant presence internationally as well as nationwide, the company today operates over 1,400 retail stores across different locations including Mexico, Canada, China and other European countries.
Operating under numerous subsidiaries namely Geek Squad, Best Buy Mobile, Pacific Sales, Insignia and more, the company became the “Company of the Year” in 2004 by the popular Forbes Magazine. Furthermore, the company continues to achieve greater heights of success over the years. It still strives harder to expand its reach across the world by attracting numerous investors.
Its current market value
Traded under the New York Stock Exchange (NYSE) with a ticker name BBY, Best Buy co. is a public sector holding having a market capital of $10.7 Billion as of May 2016 according to the Forbes. According to its list of Global 2000 companies, the company occupied 637th position. Furthermore, the company also seeks to occupy 208th rank in terms of sales with overall sales of $39.53B, #685 in terms of profit with its gross profit amounting to $9,191,000 as per NASDAQ.
In terms of assets, the company holds the #1486 position amongst top 2000 companies with net assets of $13.52B whereas on the basis of its market value, the company holds #1,026. While talking about its net income this year, NASDAQ states that the company shows an operating income of $1,375,000 and net income amounts to $897,000. The major reason behind its continuous growth nationwide is its extensive team of over 125,000 employees.
Its origin story
The origin of the company dates long back to August 1966, by Richard M. Schulze, along with his business partner with the name of Sound of Music. This was a specialized electronics store at Saint Paul, Minnesota. Within the very first year of its operations, the company took over Bergo Company and Kencraft Hi-Fi Company with overall revenue of $1 million and its profit amounting to $58,000.
In the year 1969, the company listed itself on NASDAQ exchange with three stores and selling out its partner. Going through various leaps and bounds, the company managed to gain every height of success by opening great numbers of stores across Minnesota, Roseville and Burnsville. The year 1987 marked the debut of the company over the New York Stock Exchange.
The company earned its next big achievement in the year 2000, by forming Redline Entertainment and occupying the renowned audio-video retailer of California namely Magnolia Hi-Fi Inc. In 2001, the company took over the Musicland Stores Corporation in $425 million.
With continuous takeovers over the years, the company today operates its numerous subsidiaries internationally having its headquarters at Richfield, Minnesota, US under the visionary supervision of Hubert Joly, CEO cum Chairman.
How its functions?
Having more than 1,400 stores nationwide, Best Buy is rigorously seeking for suitable locations to open its new stores worldwide thereby creating numerous employment opportunities for the investors. With its capital rate ranging between 6.5% and 7.50% the company is surely a worth investment to make. The individuals who are willing to rent their properties on lease to the company require investing a minimum amount ranging from $5M to $10M.
Furthermore, as per the corporate lease agreement of the company, it will increase the rent after every 5 years by 10% with its initial lease term varying from 15 years to 20 years. However, you can further expand your lease term from 20 to 40 years if you find the company a profitable investment to make.
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