Best Buy, an American multinational, headquartered in Richfield, Minnesota is a consumer electronics retailer. It was founded in 1966 as an audio specialty store by Richard M Schulze. Best Buy operates in two geographical segments, ie, Domestic and International.
In any business, there are several companies & brands which compete with each other by offering similar products & services.
For any company to thrive, it is not only important for them to improve their own products, but to also look at what their competitor is offering.
Below we look at the top 8 competitors of Best Buy.
Target Corporation is one of the largest discount retailer and mass merchandiser in the United States. It offers everyday essentials at discounted prices. The company was founded by George Dayton in 1902 and was called “Goodfellow Dry Goods” at that time.
Having started its journey as online book seller, Amazon.com now can be called as global giant in online retail business. The founder of Amazon.com, Jeff Bezos attracted towards growth of internet reach in early 1990s and started this business in Seattle in 1995. Amazon is now a fortune five hundred company offering ecommerce, Prime Video, Amazon Music, AWS, Amazon Pay etc.
Costco Wholesale is a global retailer which specializes in warehouse club operations in 8 countries and is known for its dedicated quality and good business ethics. Costco is the largest American warehouse club which provides a huge selection of merchandize and after Walmart is the 2nd largest retailer in the world. In 2016 Costco became the largest retailer of choice and prime beef, chicken rotisserie and organic foods as well as wine.
The Kroger Company is one of largest grocery vendors in United States. The company was founded by Bernard Kroger in 1883. The company has established its headquarters in Ohio.
Carrefour, in French stands for crossroads, it was created in 1958 by Denis Defforey , Jacques Defforey and Marcel Fournier. It is the second largest hypermarket chain in the world in terms of outlets and revenues, only next to Walmart. The 1st Carrefour store was opened in 1960 and it was not a hypermarket, though in Europe they were the first to open a department store, a large supermarket, and a hypermarket.
6. Home Depot:
The Home Depot is a home improvement supplies superstore that sells tools, construction products and services. It was founded in the year 1978. Home Depot has stores across North America, South America and The United Kingdom.
Lowe's is one of the largest home improvement retailer dealing in all kinds of furniture items. It was founded in 1946 in Mooresville, North Carolina. The company went public in 1961 and from 1982 it started to cater a new market segment ie Do it Yourself customers.
eBay was found by Pierre Omidyar in 1993 in California. It rode high on the dot com bubble to become a raging success that it is now. eBay now is a multinational corporation serving nations across the globe through its website.
To conclude, the above article highlights the various competitors which compete with Best Buy. This understanding helps to evaluate the various external business factors for any company.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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