[Congressional Record Volume 162, Number 114 (Thursday, July 14, 2016)]
[Extensions of Remarks]
[Page E1128]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  HONORING BEST BUY'S 50TH ANNIVERSARY

                                 ______
                                 

                           HON. KEITH ELLISON

                              of minnesota

                    in the house of representatives

                        Thursday, July 14, 2016

  Mr. ELLISON. Mr. Speaker, I rise today to honor Best Buy's 50th 
anniversary. Through these 50 years, Best Buy has shown leadership, 
community service, and entrepreneurship in Minnesota and beyond.
   Best Buy was started in 1966 by Richard M. Schulze. Mr. Schulze is a 
Minnesota native and former member of the Minnesota Air National Guard 
in Minneapolis, Minnesota. Mr. Schulze started Best Buy with four 
employees, less than $11,000 in capital, and with the sole experience 
of selling electronics at his father's company. At that time the store 
offered albums, audio cassettes, stereo components, speakers and 
musical instruments.
   In just four years Best Buy, then called ``Sound of Music'', 
accumulated $1 million in annual revenue. Since then Best Buy has been 
growing its company by updating retail technology, expanding all over 
the country, expanding recycle efforts and providing teenagers with 
access to technology.
   Best Buy has also been generous in its philanthropic work and 
diligent in its efforts to protect the environment. In 1994 the Best 
Buy Children's Foundation was established and that same year they 
raised over $107,000. Since then they have had annual charities that 
raise millions of dollars in order to give under-served youth access to 
technology. Best Buy has collected and recycled over 1 billion pounds 
of e-waste and has decreased its carbon footprint by more than 25 
percent since 2009. Overall Best Buy has given over $50 million and 
over 140,000 volunteer hours to Minnesota non-profits.
   Not only has Best Buy done extensive charity work but they also 
educate teens through their national Teen Tech Centers. These Teen Tech 
Centers are a space for teens to use new technologies like music and 
video productions, photography, design and programming. Through these 
Teen Tech Centers 1,800 teens have completed educational workshops and 
94 percent of the attendees will continue their education post high 
school. Over the years, Best Buy has employed over 1 million people, 
including 10,000 Minnesotans, through its 1,600 North American stores 
and online sales.
   Best Buy is North America's number one retailer of consumer 
technology and other related services. I wish Best Buy all the best in 
their future endeavors.

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