Best Buy Breaks Ground on Corporate Campus Project.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--July 25, 2001 Best Buy Co, Inc. (NYSE NYSE See: New York Stock Exchange :BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ) the nation's leading retailer of consumer electronics, personal computers, entertainment software and appliances, officially broke ground today on its new corporate campus in Richfield, Minn. The Company's move to Richfield will result in thousands of additional jobs in the community and generate $14 million in annual spending and economic activity in Richfield. At its current location, Best Buy employees are in 10 separate buildings. The new facility in Richfield, just north of I-494 between 35W and Penn Avenue Penn Avenue may be the longest street in Pittsburgh. Its western terminus lies at Gateway Center in downtown Pittsburgh. Its eastern portion exits the city at Wilkinsburg where it continues to exist as Penn Avenue with a numbering system that begins anew using small numbers. , will be more centrally located in the metropolitan area for employees and offers freeway access and better transit options. The 1.5 million square foot campus is planned for a maximum of 7,500 employees. Four buildings will include a commons area containing the Best Buy University, childcare center, fitness center, transit stop, parking facilities and employee cafeteria. The 42.5-acre campus will be surrounded by a one-mile walking/biking path, ponds and natural landscaping . Natural landscaping, also called native gardening, is the use of plants, including trees, shrubs, groundcover, grasses and wildflowers, which are indigenous to the geographical area in which the garden is located, as well as rocks and boulders in place of groomed lawns . "As Best Buy celebrates our 35th anniversary this year, we look forward to making our new corporate home in Richfield," said Richard M. Schulze Richard M. "Dick" Schulze is the Founder and Chairman of Best Buy. He was born and raised in St. Paul, Minnesota where he graduated from Central High School, afterwards attending Marquette University (he did not graduate[1]). He subsequently spent time in the U.S. , Best Buy Founder, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This location will bring our current employees together in a cohesive campus environment and provide a more central location for new employees as we continue our planned growth." "Bringing the corporate headquarters of Minnesota's fifth largest company to Richfield is a significant accomplishment for the future economic prosperity of our community," said Richfield Mayor Martin Kirsch kirsch n. A colorless brandy made from the fermented juice of cherries. [French, short for German Kirschwasser; see kirschwasser. . "This move by Best Buy benefits Richfield, and the Twin Cities metropolitan area also benefits by retaining the corporate headquarters of a homegrown home·grown adj. 1. Raised or grown at home. 2. Originating in or characteristic of a locality: "Rock is homegrown music in the United States, evolved from blues and country and Tin Pan Alley" Minnesota company." Best Buy has been working with the city of Richfield, the school district and non-profit organizations to develop future community partnerships to benefit the citizens of Richfield. Earlier this year, Best Buy funded a study with the Minneapolis Foundation and Richfield Chamber of Commerce to help determine the best ways of establishing lasting community ties within the city of Richfield. Best Buy already has an innovative mentoring partnership with Richfield Middle School; participates with Richfield students in Junior Achievement's "National Job Shadow Day," a program that helps young people make the connection between education and the world of work; and recently sponsored a Minnesota Orchestra The Minnesota Orchestra is an American orchestra that was founded in 1903 by Emil Oberhoffer as the Minneapolis Symphony Orchestra. The group's first performance took place on November 5 of that year. concert that was free to the community during the week of July 4. The Best Buy corporate campus project makes possible the construction of a new Penn Avenue Bridge eight years earlier than scheduled through $14 million in loans and funding. Street and intersection upgrades are also underway for Penn and Knox Avenues and 76th Street to improve traffic flow and enhance pedestrian crossings. "Best Buy is committed to maintaining our corporate headquarters in Minnesota," said Schulze. "We look forward to providing an enhanced campus for our employees and working with our new partner, the city of Richfield." About Best Buy Co., Inc. Minneapolis-based Best Buy Co., Inc. (NYSE:BBY) is the nation's number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The enterprise operates retail stores and commercial web sites under the names: Best Buy, (BestBuy.com), Magnolia Hi-Fi, Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody Sam Goody is a music and entertainment retailer in the United States and formerly in the United Kingdom. It is owned and operated by Musicland, which itself is owned by former rival Trans World Entertainment which also runs Suncoast Motion Picture Company and, until January 2006, (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,800 retail stores nationwide, in Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and in the U.S. Virgin Islands and employs more than 70,000 people. (Note: Electronic renderings and illustrations of the Best Buy corporate campus are available via e-mail. Please contact Wendy Burt at wburt@b2publicrelations.com). |
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