Best Buy Mission Statement

Company: Best Buy Co, Inc.
CEO: Corie Sue Barry
Year founded: 1966
Headquarters: Richfield, Minnesota, USA
Number of Employees: 85,000
Type: Public
Ticker Symbol: BBY
Market Cap (Mar 2025): $12.91 Billion
Annual Revenue (FY2025): $41.528 Billion
Profit | Net income (FY2025): $927 Million

Did you know? Best Buy is America’s largest specialty consumer electronics retailer.

Best Buy is America’s consumer electronics retail store founded by Richard M. Schulze as Sound of Music. It operates over 1,000 stores in the US and Canada. Best Buy’s mission, values, and sustainability strategy drive growth and success. In FY2025, Best Buy generated $41.528 billion in annual revenue. The domestic segment made $38.238 billion, while the international segment delivered $3.29 billion. The Minnesota-based retailer is expanding its retail and distribution network to serve more consumers. [1]

Check out: Best Buy’s Revenue by Segment

To understand why Best Buy is so successful, here is a comprehensive analysis of its mission statement, values, and sustainability goals.

Best Buy’s Mission Statement

To enrich lives through technology.

Best Buy states, “We enrich lives through technology by leveraging our unique combination of tech expertise and human touch to meet our customers’ everyday needs, whether they come to us online, visit our stores, or invite us into their homes.” [2]

Here is our analysis of Best Buy’s mission statement:

1. Enrich lives

Best Buy strives to improve people’s lives by providing access to the latest technologies and educating consumers about tech solutions. The retailer believes innovation and technology define how people live. It has delivered on its mission to enrich lives through tech assortment and solutions for nearly six decades. In Jul 2024, Best Buy introduced changes to its brand and personalized experiences. Why? The retailer seeks to reimagine the role consumers want it to play in their lives because technology has evolved.

Best Buy believes its customers understand or can research tech solutions without expert assistance. Today’s consumers want the retailer to help them discover new technology to improve their lives and do more of what they love. In Jul 2024, Best Buy refreshed its brand with a modern look and feel and a new tagline. The retailer unveiled its Gram ad to convey its new role in enriching consumers’ lives through technology. [3]

2. Provide tech expertise and advice

Best Buy is committed to providing technical knowledge and expert guidance to its customers to help them make informed decisions. Its expertise ensures clients maximize the tech benefits of their electronics, appliances, PCs, and phones. In Jun 2024, Best Buy’s Geek Squad celebrated 30 years of incredible tech service. Geek Squad’s agents offer their tech experience and expertise to customers countrywide. They also pre-configure and test all devices and provide 24/7 tech support. Best Buy launched Geek Squad as a Service to offer device lifecycle management support to other businesses. [4]

3. Offer extensive product variety to meet customer needs

Best Buy strives to provide a wide product variety to meet ever-evolving consumer demand. The retailer refreshes its inventory regularly to align with customers’ needs. It plans to offer AI-enabled laptops and smartphones to drive sales. In May 2024, Microsoft announced new PCs that include Copilot, an AI-powered chatbot. The collection has around 40 items, with about 40% exclusive to Best Buy. “Five years ago, we would have never carried jewelry in our stores, and now we’re going to have a whole section of wellness-oriented products that you can wear in unique ways,” said CEO Barry. [5]

Best Buy offers the widest variety of media, appliances, and electronics. Customers can find most home items under one roof, from cell phones to wall ovens, vacuum cleaners, dishwashers, televisions, security systems, and mattresses. In Mar 2024, Best Buy announced plans to overhaul its in-store experience and update its tech centers. The move includes scrapping outdated items and replacing them with the latest products. “We are planning to open a few additional outlet centers and new formats to continue to test two concepts,” said CEO Barry. [6]

4. Deliver excellent omnichannel customer service

Best Buy aims to cater to customers’ needs across touchpoints and channels, from in-store to online and at-home service. It has a significant market presence in the US. In 2024, Best Buy Canada partnered with Bell Canada to establish around 167 small-format consumer tech stores across Canada-branded Best Buy Express.

The partners opened the inaugural Best Buy Express store in Guildford Town Centre, Surrey, British Columbia, in Jun 2024. The new outlets will feature a curated tech assortment and allow customers to shop Best Buy’s full assortment online and pick up or return products in-store. [7]

Best Buy is committed to delivering orders quickly to enhance the customer experience. The retailer has invested in its distribution network to achieve this mission. In Dec 2024, Best Buy began expanding and upgrading its distribution center footprint to improve order accuracy and faster shipping.

The company is implementing autonomous guided vehicles in its retail distribution facilities. It opened its 20th delivery distribution center, introduced AI-powered delivery tracking, and launched a new parcel scheduling service in 2024. These investments will improve the customer experience across channels. [8]

Check out: Best Buy’s Revenue by Geography

Best Buy’s Values

Best Buy’s values define its culture and guide how the company works, serves customers, and makes business decisions. They’re woven into the company’s DNA and reflect its true identity. The retailer encourages employees to have fun while being the best, learn from challenges and change, and show respect, humility, and integrity. It also strives to unleash its people’s power, provide the best employee experience, and cultivate a culture that creates a sense of belonging and growth opportunities. [9]

Have fun while being the best: Best Buy has nurtured an exciting and rewarding workplace. Its employees have fun working with the latest tech. For example, Geek Squad agents test new devices and provide technical advice to clients based on their experience. The retailer believes having fun while helping clients benefits both parties. [10]
Learn from challenge and change: Best Buy adhered to this value to overcome competition from Amazon and other online retailers. The retailer learned from the challenge, changed its strategy, and triumphed. Its 2012 net revenue dropped to -$1 billion, and stock value dipped to $25. In Aug 2012, Hubert Joly became the new CEO. He enhanced employee engagement and customer-centricity while maintaining ESG commitments. This strategy differentiated Best Buy from Amazon and helped the retailer overcome the e-commerce giant. The company urges its employees to learn from their challenges and embrace change. [11]
Unleash the Power of Our People: Best Buy strives to build an inclusive workplace that empowers all employees to be their best. The retailer appreciates using its team’s diverse talents to deliver a world-class customer experience and enrich lives through technology. It believes everyone has a story to tell and deserves a chance to showcase their talent. Inclusion and belonging are ingrained in Best Buy’s DNA.
For example, its Employee Resource Groups bring together employees to foster community and allyship, elevate cultural perspectives, and promote mentorship and career development for diverse talent. Best Buy values people who show grace, empathy, courage, and vulnerability. [12]
Show Respect, Humility, and Integrity: Best Buy’s Code of Ethics states, “Help maintain a workplace where everyone feels valued and encouraged to contribute.” Employees can fulfill obligations by showing respect to their colleagues. The retailer requires its team to execute all transactions with integrity as defined by the Code of Ethics. Humility is an essential driver of customer experience. Best Buy believes every customer deserves honest, impartial service. [13]

Check out: Best Buy Competitors

Best Buy’s Sustainability Goals

Best Buy strives to be a leader in corporate responsibility and sustainability (CR&S) issues. The company has set several sustainability goals on environmental, governance, and social, including:

Achieve carbon neutrality by 2040.
Help customers reduce carbon emissions by 20%.
Achieve $5 billion in energy savings for customers by 2030. [14]

How is Best Buy progressing on its sustainability goals?

Best Buy is committed to protecting the environment and conserving natural resources. The retailer combines several strategies to minimize its footprint and environmental impact. It operates America’s largest e-waste recycling program and works with customers to keep tech out of landfills. Since 2009, Best Buy has collected 2.7 billion pounds of electronics and appliances for recycling. It also offers eco-friendly products to help customers live more sustainably.

Best Buy understands the importance of creating long-term value for employees, customers, shareholders, vendors, and communities. It has implemented several projects to fulfill this goal, including helping customers reduce energy consumption, expanding the Best Buy Teen Tech Centers network, and fostering a sense of belonging and engagement for its employees.

In 2024, the retailer had reduced its carbon emissions by 69% from a 2009 baseline. It’s on track to becoming carbon neutral by 2040. Best Buy achieved 10 zero-waste TRUE-certified supply chain facilities and helped customers recycle over 170 million pounds of electronics and appliances in 2024. Membership in its Enterprise Inclusion Groups grew by over 16%. [15]