Best Buy was founded in 1966 and is headquartered in Richfield, Minnesota.
The company began on August 22, 1966, when Richard M. Schulze and James Wheeler opened an audio store called Sound of Music in St. Paul, Minnesota. It initially specialized in high-fidelity stereos rather than the broad range of electronics associated with the modern chain.
A dramatic 1981 tornado destroyed the store’s showroom but left much of its inventory intact. The resulting “Tornado Sale” was so successful that it inspired the company’s high-volume, low-price retail strategy. In 1983, Sound of Music adopted the Best Buy name and expanded into appliances, VCRs, and other consumer electronics.
Best Buy is often confused with Circuit City or RadioShack, but those were separate American electronics retailers. Richfield is the company’s headquarters city; the founding store itself was in nearby St. Paul.