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Location and its current market strength: Best Buy Co., Inc. (BBY) is a company with its stock traded on the New York Stock Exchange (NYSE) and is also listed in the Fortune 100. It is the largest specialty retailer of consumer electronics in the USA and Canada. Its total market share stands at 21% of the market. Its Headquarters are located in Richfield, Minnesota, USA. The company has a few subsidiaries such as Pacific Sales, Magnolia Audio and Geek Squad. The Best Buy Canada subsidiary does not operate its original name. In fact, it operates under the Future Shop label, which has a quite large market share in Canada (Hill, June 2008, retrieved July 2, 2008).
Products : BBY sells all categories of consumer electronics – television sets, computers, i-phones, i-pods, mobile phones, digital and video cameras, Blu-ray discs, computer software, video games, DVD players, washing machines, dryers, refrigerators, music and so on. Each store also has a separate department for audio and video equipment.
Global operations: Its global network spans Canada, China, Mexico, Puerto Rico and Turkey. The company has plans afoot for further expansion. For example its current network of stores amounting to 1150 in the USA will expand up to 1400 by the end of the current year. It’s planning string of acquisitions in the UK in 2009. For instance it will buy up rivals like Kesa Electricals and DSG International to position itself with a strategic advantage over other competitors.
Chinese market: In June 2006, the company negotiated a deal with Feidiao Electrics Co. Ltd., in Shanghai to buy space on one of its buildings at a cost of $31.25 million. This figure includes the cost of decoration and outsourcing. Electronics retailers in China responded to this news with their own marketing tactics. Right now, despite Best Buy’s international presence Chinese electronics retailers have not fallen far behind in competition and sales revenue. Yongle which has nearly 50% of
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