Founded by Richard M. Schulze and Gary Smoliak as an audio specialty store in 1966, Best Buy has become one of the biggest consumer electronics retailers in the world. The multinational retailer sells both products and services through three primary channels: retail stores, online, and call centers. Best Buy generated a global revenue over 39 billion U.S. dollars in the 2017 fiscal year, with over 80 percent of the company's revenue being generated from its United States region. With recent withdrawals of its eponymous brand in both the UK and China, this electronics and appliance specialist retailer is left almost totally reliant on its domestic US market. The company operates primarily throughout the Americas. In total, Best Buy operated 1,575 stores worldwide in 2017.
According to Deloitte's "Global Powers of Retailing 2016" report, Best Buy is one of the leading e-retailers in the world, generating approximately four billion U.S. dollars in 2015. Best Buy is also working hard to remain competitive in the online market. Technological revolution and increasing online penetration has revolutionized the consumer retail industry. Best Buy has been working toward growing its share of the e-commerce market. It operates a click and mortar strategy, wherein it uses online channels as an effective way to boost store sales and allocates any sales made online, to its stores. Circuit City, the only direct competitor of Best Buy and the second largest electronics retailer in the US, has filed for bankruptcy. Best Buy now competes primarily with retailers such as Walmart, Amazon, Target and Costco.
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