Best Buy chain announces strategic alliance with Magic Johnson Enterprises

(March 5, 2008) Magic Johnson Enterprises, one of the nation’s leading companies dedicated to serving emerging, multicultural markets, has entered into a multi-year relationship with Best Buy Co., Inc. Through this strategic relationship, the consumer electronics retail giant hopes to strengthen its urban market presence and deepen relationships with multicultural customers. The alliance was announced a few days ago at an internal celebration at Best Buy headquarters in Minneapolis, MN.

“Magic Johnson Enterprises is known for successfully staying rooted in communities because they understand those communities’ unique needs and personalities -- the same strategy that is an integral piece of Best Buy’s customer-focused growth strategy. We believe their insights, combined with those of our own employees, will help us learn and apply fresh ideas to help grow our business,” said Herschel Herndon, Vice President, Multicultural Relations for Best Buy.

"Best Buy is opening more stores in highly populated, racially and ethnically diverse locations, and their company is committed to growing the business by better understanding the needs of local communities," said Earvin "Magic" Johnson, Chairman and CEO of Magic Johnson Enterprises. "Best Buy understands that it's about more than just customers, they also know it's about creating jobs and responding to community needs."

Magic Johnson Enterprises has a long-standing history of working with major retailers on issues related to diversity and the multicultural consumer such as Starbucks, Burger King, NASCAR, Washington Mutual, Cadbury Schweppes, Lincoln, T.G.I. Fridays and 24 Hour Fitness. Magic Johnson Enterprises also recently announced an alliance with Aetna to similarly target ethnically diverse communities to encourage them to make informed choices about their health care options.

Magic Johnson Enterprises, formed in 1987, serves as a catalyst for community and economic empowerment by making available high-quality entertainment, products and services that answer the demands of ethnically diverse urban communities. Through investment, partnership and consultation, Magic Johnson Enterprises has a portfolio of companies that strategically work together to reinforce the organization’s focus on serving emerging, multicultural communities. Some of these companies include Urban Coffee Opportunities, Canyon-Johnson Urban Fund, SodexhoMAGIC, over 30 Burger King restaurants, a dozen 24 Hour Fitness Magic Sport centers, a T.G.I. Fridays restaurant, and a long-standing partnership with AMC Magic Johnson Theatres.

Best Buy Co., Inc. (NYSE:BBY) operates a global portfolio of brands with a commitment to growth and innovation.  The company sells consumer electronics, home-office products, entertainment software, appliances and related services through more than 1,200 retail stores across the United States.


Go to Target Market News homepage

 

 14th Edition Now Available!
Latest Buying Power report shows spending up in major categories

The 2007 edition of "The Buying Power of Black America" has just been released by Target Market News. The one-of-a-kind report is the most quoted source of information on how African-American consumers spend their $744 billion in income.

According to the newest edition of "The Buying Power of Black America," there is growth in a number of major product categories despite that slowdown in overall consumer purchases. Get the details by ordering your copy now.

Click here to order The Buying Power of Black
America report

_________________________________________________________________________________________


The African-American
Book Publishing Authority

Now in its ninth year of publication, Black Issues Book Review is the only nationally distributed magazine devoted exclusively to covering the latest news and reviews on black books. BIBR also provides up-to-date news on forthcoming author signings, book fairs and book clubs.
Want this issue? Get it with your new subscription.
Click Here

A TARGET MARKET NEWS PUBLICATION
_________________________


  SUBSCRIBE TODAY! 


The trade publication for
in-depth coverage of Black
Consumer Marketing
and Media news