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Hudson Diaz
Hudson Diaz

Best Buy 55423

Best Buy Richfield Campus is located at 7601 Penn Avenue South in the Richfield neighborhood, Richfield, MN, 55423. The Class A Office building was completed in 2002 and features a total of 1,500,000 SF.

best buy 55423

There are 9 office spaces for lease in the Richfield neighborhood, totaling 75,187 SF of available office space. The office space availability for the 55423 zip code is 70,187 SF, in 8 office spaces. The average asking office rent per SF in Richfield is $15.2/SF/YR. For Class A office buildings the average office rate is $18/SF/YR, for Class B office buildings the average office rate is $13.33/SF/YR.

Anderson was named Retail Executive of the Year by Retail Merchandiser magazine because he was "an executive of a $17 billion company who had never forgotten his roots as a humble sales associate" (February 2002). Anderson was considered by his industry colleagues to be "the nicest man in the business" and "a humble, caring person whose word was his bond"; Anderson was quoted as saying, "We all work together. It's a family type of thing. We are all committed to giving the customer the best experience we can" (February 2002).

Of course Best Buy was not alone among upstart chains during the 1980s in capitalizing on the superstore format and such hot-ticket consumer items as VCRs. "But after a raft of these chains went public," wrote Mary J. Pitzer in 1987, "they expanded rapidly and began colliding head-on. As a result, many companies took a beating on profit margins and are now gravely wounded." It was, in a very real sense, the best of times and the worst of times for Best Buy. Although sales had practically doubled to $439 million in 1988, net earnings had declined by 64 percent. Price wars were the chief culprit, and they were still escalating to a frenzied pitch in Best Buy's core Twin Cities market, which Highland Superstores had boldly entered in early 1987.

In April 1991, even before Best Buy had gotten around to converting its ten Twin Cities stores, loss-ravaged Highland exited the metropolitan area, conceding defeat and closing all six of its stores there. Best Buy itself reported a loss of $9.4 million for 1991, but this was due to a $14 million change in its method of accounting for extended service plans. From 1992 to 1993, Best Buy reported "the best financial performance in the company's 27-year history." In addition to its stunning increases in revenues and earnings, the fast-growing retailer opened 38 new stores and saw comparable store sales (sales from stores open at least 14 months) increase by 19.4 percent.

In June 2000 Best Buy relaunched an expanded web site, which now offered not only music and DVDs but also consumer electronics, computers and peripherals, software, and games. In addition to choosing delivery to the home, customers could also elect to pick up the merchandise they ordered through the web site at a Best Buy store, and they could return items there as well. Customers at the stores, meanwhile, now had the option of logging onto an in-store computer to order products not available at that outlet. Best Buy entered into a number of partnerships to help with the content of the site and the technology behind it. The most prominent deal was with Microsoft Corporation, which invested $200 million for a 2 percent stake in Best Buy. In return, Best Buy began promoting the Microsoft Network as its preferred Internet service to buyers of new computers. Microsoft also agreed to give "prominent and preferred placement" on several Microsoft web sites. quickly became one of the most visited e-commerce sites on the Internet.

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