Question
Here is the question : WHAT RETAILER WAS ORIGINALLY NAMED SOUND OF MUSIC?
Option
Here is the option for the question :
- Sears
- Target
- Best Buy
- Lowe’s
The Answer:
And, the answer for the the question is :
Explanation:
When it first opened in 1966, Best Buy was known as Sound of Music. In 1981, a facility in Minnesota was struck by a storm, which caused the showroom to be obliterated but did not affect the warehouse in any way. After that, the shop launched a ‘tornado sale,’ during which they advertised the ‘greatest buys’ available on everything. In 1983, the company was rebranded as Best Buy after the sale generated enormous amounts of revenue.
Best Buy is one of the largest and most recognizable retailers in the world, known for its vast selection of electronics and appliances and its commitment to customer service. However, the company’s origins are humble, beginning as a small chain of audio equipment stores under the name Sound of Music.
The company was founded in 1966 by Richard Schulze and Gary Smoliak, who started by selling home stereo systems from a single store in St. Paul, Minnesota. Over time, the company began to expand, opening additional stores throughout the region and introducing new products such as televisions and other electronics.
By the 1980s, Sound of Music had become a major player in the electronics retail industry, with dozens of stores throughout the United States. However, the company faced stiff competition from other retailers such as Circuit City and RadioShack, and it was struggling to differentiate itself in a crowded market.
In 1983, the company underwent a rebranding effort, changing its name to Best Buy and introducing a new logo and marketing campaign. The move was designed to emphasize the company’s commitment to customer service and its focus on providing a wide selection of high-quality products at competitive prices.
The rebranding effort was a success, and Best Buy quickly became one of the most recognizable and beloved retailers in the United States. Today, the company has a presence in over 1,000 locations worldwide, and it continues to innovate and evolve its product line to meet the changing needs of consumers in the digital age.
Best Buy’s origins as a small chain of audio equipment stores under the name Sound of Music serve as a reminder of the company’s entrepreneurial spirit and commitment to innovation. By recognizing an opportunity and being willing to take risks, Richard Schulze and Gary Smoliak created a company that has become a household name and a symbol of excellence in the world of retail.