In 1966, Richard M. Schulze and business partner James Wheeler opened Sound of Music, an audio specialty store, in Saint Paul, Minnesota. In 1967, Sound Of Music acquired Kencraft Hi-Fi Company and Bergo Company. Two additional Sound of Music stores were opened near the University of Minnesota and in downtown Minneapolis. The Sound of Music ended its first year with gross sales of $173,000. In 1969, Sound of Music's stock began trading as publicly-held company, the company enacted its first employee stock option plan, and three stores opened in the Twin Cities area. In 1970, Sound of Music hit the $1 million mark in annual revenues. In 1979, Sound of Music became the first suppliers of video and laserdisc equipment including Panasonic, Magnavox, Sony and Sharp.
On June 14, 1981, A tornado hit the Roseville, Minnesota store. Sound of Music responded with a "Tornado Sale," (with the sale promoted as a "Best Buy") and it became an annual event. In 1983, Sound of Music's board of directors approved a new corporate name: Best Buy Co., Inc. That same year, the company opened its first superstore in Burnsville, Minnesota, featuring expanded selling space, a wide assortment of discounted brand-name goods, central service, and warehouse distribution. In 1985, Best Buy (symbol BBY) debuted on the New York Stock Exchange with an offering of 8.3 million shares. In 1987, Best Buy's brand logo changed to the now famous yellow tag.
Close Up of Vignette:
Common Stock, issued in 2011Printer: American Bank Note Company Dimensions:
8” (h) x 12” (w)State: MN-Minnesota Subject Matter: Retail and Related
| Specialty Retail Vignette Topic(s): Allegorical Featured
| Atom Featured
| Lightning Bolts
| Gyroscope Featured Condition:
No fold lines, stamp cancels on verso, very crisp.