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Best Buy Company, Inc. (NYSE: BBY) is the leading provider of technology products, services, and solutions in North America. Serving consumers, small business owners, and educators, Best Buy offers expert service at unbeatable prices across its stores, via Geek Squad agents, and through its online platforms including bestbuy.com and the Best Buy app. With operations in the U.S., Canada, and Mexico, Best Buy ensures that over 70% of the population in these regions lives within a 15-minute drive of a Best Buy store.
In fiscal year 2023, Best Buy reported consolidated sales of $43.5 billion, making it the largest pure-play consumer electronics retailer in the U.S. The company holds approximately 8.3% of the North American market share, with a dominant 33% share of offline sales. The product categories driving these sales include mobile phones, tablets, computers, and appliances. Recent investments in e-commerce fulfillment have seen this channel grow significantly, now representing a mid-30% proportion of total sales.
Best Buy's workforce is a cornerstone of its success, recognized for their knowledge, passion, and commitment. The company offers a competitive pay structure, benefits, and rewards, including an industry-leading employee discount on the latest products. Best Buy is committed to environmental, social, and governance (ESG) issues, implementing programs like the Best Buy Teen Tech Center® network and various recycling initiatives.
Recent achievements include a strategic partnership with Bell Canada to rebrand 165 The Source stores to Best Buy Express, expanding Best Buy’s reach in Canada. Another notable collaboration involves FaZe Clan and SteelSeries, launching exclusive co-branded gaming products available at Best Buy locations across North America. Additionally, Best Buy has teamed up with Microsoft and Junk Kouture to promote e-waste recycling and sustainability, engaging young creatives in these initiatives.
Best Buy has introduced a convenient e-waste recycling program that allows customers to mail in their old electronics. As the largest retail collector of electronic waste, the company has recycled over 2.7 billion pounds since 2009. Customers can order a prepaid recycling box for $22.99 or $29.99, depending on size, and ship their used gadgets to Best Buy via UPS. This initiative supports Best Buy's sustainability goals, aiming for net zero emissions by 2040. The program is carbon neutral and part of the company’s commitment to environmental protection.
Best Buy Co., Inc. (NYSE:BBY) has appointed Sima Sistani and Melinda Whittington to its Board of Directors, effective immediately. Sistani, currently CEO of WW International, brings over 20 years of experience in media and technology. Whittington serves as President and CEO of La-Z-Boy, offering over 30 years of leadership experience in finance and retail. Both executives are expected to contribute valuable insights, helping Best Buy enhance its position and growth strategies. CEO Corie Barry highlighted their expertise in evolving businesses aligns with the company's goals in delivering technology-driven consumer experiences.
Yardbird, a premium outdoor furniture brand acquired by Best Buy in 2021, is expanding its presence by opening 11 new standalone showrooms across major U.S. cities, including Atlanta, Boston, and San Francisco. This expansion aims to showcase Yardbird's diverse offerings like sectional sofas and fire tables, along with personalized assistance from in-house designers. Yardbird focuses on sustainability by using recycled materials in its products and partnering with carbonfund.org to offset its carbon footprint. The new showrooms will enhance Best Buy's outdoor living options for customers.
Roku and Best Buy have formed a first-to-market partnership that includes exclusive in-store availability of Roku-branded TVs and enhanced advertising collaboration. The partnership allows Best Buy to offer first-party data for targeted advertising, optimizing ad performance for brands. Roku Select and Plus Series TVs are available exclusively at Best Buy, while the collaboration promotes a better consumer experience in streaming TV. An activation event at SXSW on March 11-12 will showcase this relationship further. This initiative aims to accelerate growth in the streaming TV sector, targeting advertisers' increasing investments in retail media networks.
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