[Congressional Record Volume 162, Number 114 (Thursday, July 14, 2016)]
[Senate]
[Pages S5145-S5146]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      50TH ANNIVERSARY OF BEST BUY

 Ms. KLOBUCHAR. Mr. President, today I wish to speak to honor 
the 50th anniversary of Best Buy.
  Best Buy was founded in 1966 as a stereo store called the Sound of 
Music in St. Paul, MN. Since then, it has grown from that one store 
into a Fortune 100 company with over 1,000 locations across the U.S., 
as well as Canada and Mexico.
  In 1966, Richard M. Schultze--a Minnesota native and former member of 
the Minnesota Air National Guard--and Gary Smoliak opened the Sound of 
Music on the corner of Hamline and St. Clair Avenues in St. Paul. By 
1969, Schultze assumed sole control of the company, which had grown to 
three stores and was listed on the NASDAQ Stock Market.
  Then in 1981, disaster and inspiration struck. The Sound of Music 
store located in Roseville, MN, was hit by a tornado which tore the 
roof off the building and destroyed the showroom. Schultze showed the 
innovation and entrepreneurial spirit characteristic of Minnesota. He 
decided to have a ``tornado sale'' in the Roseville's store's parking 
lot and promised ``best buys'' on everything. Needless to say, the sale 
was a success.
  The Sound of Music was renamed Best Buy Company, Inc., in 1983 and 
had grown to seven stores and $10 million in annual sales. Later that 
year, Best Buy opened its first megastore in Burnsville, MN.
  By 1992, Best Buy had reached $1 billion in revenues. In 1999, Best 
Buy was added to the Standard and Poor's 500 index. Best Buy has 
consistently been one of the Minnesota-headquartered companies in the 
Fortune 500 and currently ranks 71st on the Fortune 500 nationally. And 
Best Buy was named company of the year by Forbes in 2004.
  So why do people shop at Best Buy? Maybe it is because they have 
updated their showrooms and a commission-free salesforce. Or maybe it 
is the wide range of products, interactive touchscreens kiosks and the 
demonstration areas for home theater systems and computer software. 
Best Buy also pioneered the concept of specialized in-store customer 
service areas by establishing a Geek Squad unit in each store.
  Best Buy has also been a good corporate citizen in Minnesota. Since 
2007, Best Buy Company has generously given over $50 million and over 
140,000 volunteer hours to Minnesota nonprofits. And they don't just 
care about people, they also care about the planet. Best Buy operates 
the largest retail consumer electronics and e-waste recycling 
collection program in the U.S. Over 1 billion pounds of recycling has 
been handed over to certified recyclers helping to keep the environment 
clean. Best Buy has also been named to the U.S. Environmental 
Protection Agency top-100 list of green-power purchasers.
 Mr. FRANKEN. Mr. President, I join my colleague in celebrating 
the 50th anniversary of Best Buy.
  Best Buy's innovation and leadership has turned a once small, 
Minnesota company into the successful and responsible multinational 
corporation it is today. They are a vital component of the Minnesota 
economy and integral to our communities, and in celebration of their 
anniversary, I would like to take some time to recognize their 
important work to tackle one of the most pressing issues facing our 
society today: climate change.
  Climate change is a very serious threat to our planet, and Best Buy 
has risen to the challenge by taking proactive steps to reduce their 
carbon footprint. They have joined with other major American companies 
in signing the White House's American Business Act on Climate Pledge. 
As part of the pledge, Best Buy has committed to reducing carbon 
emissions in their operations by 45 percent of 2009 levels by 2020, 
which builds on the 26 percent emissions reduction they have already 
achieved. As a company committed to delivering sustainable technology 
solutions, Best Buy also committed to continue offering an assortment 
of energy-efficient products to help consumers reduce their carbon 
footprint, too. Best Buy's pledge represents a collaboration between 
government and industry to address climate change and take serious 
action now.
  They have also taken steps to protect our environment by helping 
consumers responsibly dispose of their electronic goods. Their 
recycling program has grown into the largest retail recycling program 
in the nation and, to date, has processed over 1 billion pounds of 
consumer electronic devices and appliances. Their dedication to 
sustainable practices has a meaningful impact on the future of our 
planet.
  Best Buy's continued excellence serves as a model to other businesses 
throughout the State and across the Nation, and I congratulate them on 
50 years of business.
 Ms. KLOBUCHAR. I thank my colleague for his statement and 
agree.
  Best Buy started with one store in St. Paul 50 years ago. It is now a 
multinational company with 125,000 employees who give back to their 
communities and work to reduce the impact of used electronics on the 
environment.
  For 50 years, Best Buy has brought the latest consumer technology and 
electronics products and services to its customers and remains a proud 
Minnesota company. That is why I am proud to honor Best Buy.

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