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Buying at its best With its huge stores and low-pressure sales tactics, Best Buy recently became the largest consumer electronics retailer in the U.S. The Minneapolis-based chain is the nation's largest volume specialty retailer of name-brand consumer electronics, personal computers, entertainment software, and appliances. The company ranks 195 on the Fortune 500 list. Best Buy operates in 36 states and its warehouse-style superstores extend from coast-to-coast. Recent years have meant impressive surges in hiring, expansion, and profit. From 1990 to 1996 alone, the company opened over 200 new stores. While the current store count is 358 (with 15 more to open in the Metro New York and New Jersey area during 2000), Best Buy continues to expand quickly. The company is well on the way to reaching its 2004 goal of owning 550 stores nationwide. In 1Q 1999, BB reported record sales of more than $10 billion - a new company milestone. Rollercoaster history Best Buy's days haven't always been so full of sunshine. Indeed, company founder and chairman, Richard Schulze, remembers darker moments. When Schulze founded the chain over 30 years ago, it grew at an impressive - and alarming - rate. By the time Best Buy went public, it had become an uncontrollable money pit. Investors, who had once loved Best Buy for its double-digit growth and sterling stock, began to abandon the floundering chain. Fortunately, Best Buy has been able to make a turn-around. After enlisting the aid of Andersen Consulting in 1996, Schulze reengineered the company and took cost-cutting measures. As of June 1999 Best Buy's stocks rose above the already tripled figure from the past year when the company was added to the Standard & Poor's 500 index. In December of the year, it also formed a strategic marketing alliance with Microsoft. Coming up with a concept BB's dramatic comeback is due - at least in part - to its newest format, dubbed Concept IV. The format, in many ways a departure from the chain's most recent Concept III, places a greater onus on high-tech products, customer service, and more logical groupings of product by category. Under Concept IV, personnel are paid more and have greater industry focus and experience. So far, customers seem pleased with what they see. Concept IV means cleaner, brighter stores; wider aisles; more imaging products; and most importantly, a better critical inventory system (BB historically lost much money to over- and undersupplying its products). At first, Concept IV was unveiled at 23 stores, but this number is expected to rise. Trendy BB is also testing new ground. In 1998 it established a partnership with high-end, car audio manufacturer Rockford Fosgate. The company is already a leading retailer of DVD products. "The emphasis is now on high-tech products," reveals a company representative. "We're now in a better position to sell digital products and take advantage of present and future trends." Find who? Pumping $2 million into a wacky new Find 'Em First Campaign, Best Buy is zoning in on the younger generation by promoting struggling artists. The company's past advertising campaigns featured established musicians with high-profiles. While Best Buy will likely continue to feature well-known artists, BB's switch to the unknown is part of its strategy to meet a new demographic. Prodigal PCs and ISPs Teaming up with Prodigy Communications Corp. in July 1999, Best Buy announced plans to offer rebates of up to $400 on PCs. What's the catch? PC purchasers must sign up for one- to three-year Internet service contracts with Prodigy. Once the contract is secure, Prodigy foots the bill for the rebates. In return, Best Buy promotes the formerly bankrupt Internet service provider, and generally collects $500 from sales on related products with each PC sale. While Best Buy leads the pack in offering this kind of promotional deal, major companies such as Circuit City and CompUSA are expected to follow. In the meantime, Best Buy views the offer as a way to boost sales and outfit the 45 million households currently lacking PCs with affordable connections. In June 2000, Best Buy made sure that once you get that new PC, you'll never have to set foot in one of its stores again. The company caught up with the times and launched an e-commerce web site where consumers can purchase products online while conducting side-by-side comparisons and view the product from multiple-angle views. The site concentrates mainly on consumer electronics, but the company plans on expanding it later in the year.
With all of its recent expansion, Best Buy is on a hiring binge. You can find the latest job openings and opportunities at the company's Web site or http://www.bestbuy.com/About/CareerCenter/index.asp. Jobs are updated weekly and available via three categories: Nationwide Openings; Corporate HQ Openings at Eden Prairie, MN; and Recruiting/Open Houses. Applicants may attach their resumes to an email message using Microsoft Word 97 or earlier. Use the recruiter number listed in the ad or send resumes straight to Opportunities@bestbuy.com. Applicants must include their names, phone numbers, and the appropriate titles of the jobs posted. Applicants may also fax resumes to the corresponding recruiter or mail resumes to Best Buy Co., Inc.; Attn: Recruiter#__; 7075 Flying Cloud Dr.; Eden Prairie, MN 55344. Best Buy normally contacts successful candidates for interviews within two weeks of receiving their resumes. All resumes are kept on company file for up to one year.
Participate, participate, participate "The overall environment is very friendly and the company is growing bigger and better every year," says one Best Buy insider. "We have been very successful on Wall Street the past three years," adds another, "and our stock is hovering near an all-time high." Sounds good, but what does it take to get onboard the BB ship? According to one psycho-programmed source, "you need to be able to 'think outside the box,' work in a constantly changing atmosphere, have a flexible mind, and participate, participate, participate!" The work week The hours at "BB's Corporate office are 8:30 to 5 pm Monday through Friday." However, this standard excludes "the I/S Help Desk and Corporate Consumer Relations departments." As far as dress code, most sources report "business casual, with casual on Fridays." Unfortunately, not all employees abide by this rule. "The dress code is, for the most part, business casual," verifies an informant. "For females, that means anything, but no leggings, halter tops, or miniskirts - I see people wearing them though." Clothing aside, BB appears to a less-than-controversial place for many women. "The treatment of maternity issues seems about average," points out one source. "I had a baby almost four years ago and had twelve weeks off - unpaid though. I think that's about average." All this and good food too Best Buy offers "competitive compensation packages, along with an attractive benefits plan, including an employee discount plan at retail locations," summarizes one contented insider. "There is a strong commitment to the ongoing training of BB employees," cites another. "I am required to attend at least one week of classes per year that are business-related. Most of my training has been paid for by the company." While one insider says the "benefits are not the best," she agrees that "they're not the worst either." Meanwhile, mealtime receives accolades among BB employees. "There's a huge cafeteria where you can purchase breakfast and lunch," says one food connoisseur. "And the menu changes daily. It's always pretty good." When your name is hard to pronounce... When it comes to diversity, insiders generally agree that the company is on the ball. "BB is a true melting pot of people. We have people from just about any country you care to name. Male, female, straight, gay, black, white, red, yellow," says one. "Sometimes the names are a little hard to pronounce, but we get by." For those concerned about female representation, one insider gives reason for hope: "It seems to me there are more women - at least in marketing - then there are men." To make sure all employees stay in a shipshape egalitarian state, the company includes a mandatory Diversity Training section in its New Employee Training Program. Nice new cars Not all contacts have the same opinion on salaries at Best Buy. "As far as compensation," says one, "I know that in my area there are places one can make more money that at BB." Another insider, however, is more optimistic: "Let's put it this way: the parking lot is full of very nice new cars."
Best Buy Co. Attn: Recruitor # . . . Human Resources 7075 Flying Cloud Dr.1 Eden Prairie MN 55344
Electronics Retail
Circuit City ; CompUSA ; Office Depot; Caldor; Dell Computer More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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