Best Buy Waves 'Magic' Wand

BlackEnterprise.com is reporting that electronics retailer Best Buy Co. Inc. has entered a multiyear agreement with Magic Johnson Enterprises in hopes of boosting its curb appeal among urban consumers. With the opening of more stores in racially and ethnically diverse locations, the Minneapolis-based chain hopes its partnership with MJE will help grow the business by better understanding the needs of local communities and how to connect with them more effectively, says Herschel Herndon, Best Buy’s vice president of multicultural relations. Best Buy also hopes MJE can help enhance management’s “ability to create jobs, train, retain, and develop employees and to create value in communities by developing local business partnerships and supporting urban development which helps everyone,” Herndon tells Black Enterprise. Earvin “Magic” Johnson, MJE’s chairman and CEO, says the company has been working with Best Buy in another capacity for many years. “Along with Best Buy leadership and current store managers, we’re going to look at a range of ways to better serve the multicultural consumer who is already a great customer of Best Buy. We love electronics. We love to have the latest and greatest DVDs and CDs. So, this is about how we can grow the physical presence of Best Buy in the urban community.” According to a recent poll conducted by consumer research company, Yankelovich, roughly 57% of the African Americans and Hispanics polled in 16 states that represent MJE’s business markets indicated that they are more likely to purchase from businesses associated with Magic Johnson. Best Buy follows in the footsteps of such companies as Aetna, Starbucks, Burger King, NASCAR, T.G.I. Fridays, and 24 Hour Fitness in partnering with MJE to increase multicultural consumer traffic.