Best Buy Co., (NYSE: BBY) Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. It was originally founded by Richard M. Schulze and James Wheeler in 1966 as an audio specialty store called Sound of Music. Best Buy has been in turnaround mode in recent years during the same time that Amazon (AMZN) has continued to flourish.
Today Best Buy announced that they were appointing Corie Barry as their new CEO. Barry is most noted for her lead role a “Growth Architect” in creating the company’s current growth strategy which has enabled a significant turnaround. The growth strategy has been spearheaded with new revenue streams that included creating a new in-home advisory program which assists customers with all tech-related issues. The plan also included marketing more services, warranties & accessories around gadgets that led to an increased profit margin.