Best Buy’s top institutional investors comprise The Vanguard Group, with 11.90% ownership, and BlackRock, with 8.86%. Top individual shareholders comprise Corie Barry, CEO and Director, and Kamy Scarlett, Executive Vice President.
Detail
Description
Company
Best Buy Co., Inc.
Ownership Structure
Publicly traded company with major shareholders
Major Shareholders
Institutional investors like Vanguard Group, BlackRock, State Street Corporation, and individual shareholders
Founding Date
August 22, 1966
Founder
Richard M. Schulze
Headquarters
Richfield, Minnesota, USA
Stock Symbol
BBY (NYSE)
Primary Business
Retailing consumer electronics, appliances, and related services
Strategic Goals
Enhancing customer experience, expanding digital and omnichannel capabilities, and driving growth through innovation in product offerings and services
Institutional Shareholders: Major institutional investors such as Vanguard Group, BlackRock, and State Street Corporation hold significant stakes in Best Buy, ensuring financial stability and strategic input from key market players.
Public Trading: Best Buy is publicly traded on the New York Stock Exchange under the ticker symbol BBY, allowing for diverse ownership among institutional and individual investors.
Corporate Strategy: Best Buy focuses on providing a seamless shopping experience across physical stores and online platforms. The company emphasizes customer service, competitive pricing, and a wide range of products, including consumer electronics, home appliances, and related services.
Innovation and Expansion: Best Buy aims to expand its market presence by enhancing digital and omnichannel capabilities, investing in technology to improve supply chain efficiency, and offering innovative products and services, such as smart home solutions and tech support services through Geek Squad.
Customer Experience: Best Buy is committed to enhancing the customer experience by offering expert advice, personalized services, and exclusive deals, fostering customer loyalty and repeat business.
While from a superficial look at its revenue streams, Best Buy seems the same company it was in 2012. In reality, in the last decade, Best Buy has undergone a massive business model transformation. Due to a shift in consumers behaviors driven by phenomena like “showrooming” (the practice of choosing a tech gadget in a physical store like Best Buy, only to finalize the purchase on an online store like Amazon), Best Buy had to respond by matching prices of online competitors. By redefining its offerings, like the vendor experiences or the “stores-within-stores” services. And broader support to customers throughout Best Buy stores and directly to the consumers’ homes.
In 2023, Best Buy generated $42.79 billion from domestic and $3.5 billion from international segments. Compared to $51.76 billion in revenue in 2022, where Best Buy generated $47,8 billion from the domestic segment and $3.93 billion from the international segment.
In 2023, Best Buy generated most of its revenue from computing and mobile phones ($19.76 billion), followed by consumer electronics ($14.09 billion), appliances ($6.73 billion), entertainment (3.05 billion), services ($2.33 billion).
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