Magnolia Audio Video
From Wikipedia, the free encyclopedia
| Magnolia Audio Video | |
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| Type | Subsidiary |
| Founded | 1954 |
| Headquarters | Kent, WA |
| Key people | Len Tweten, Founder Jim Tweten, President |
| Industry | Retail |
| Products | Consumer electronics |
| Employees | 700 |
| Parent | Best Buy |
| Website | www.magnoliaav.com |
Magnolia Audio Video is a specialty consumer electronics retailer in the United States. It currently operates 13 standalone stores throughout Washington, Oregon, and California. The company also operates hundreds of smaller Magnolia Home Theater stores, which are located within Best Buy stores in some markets.
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[edit] History
In 1954, Len Tweten began the enterprise that was to become Magnolia Audio Video. Originally called "Magnolia Stationers and Camera Shop," the business took its name from the Magnolia district of Seattle, where the first store was located.
Over the years, Len became passionate about music and high-fidelity audio. He soon began to sell audio products in his store. By the mid-1960s, the company had become a specialty audio retailer.
[edit] Acquisition by Best Buy
In December, 2000, Magnolia Hi-Fi, as it was then known, was purchased by Best Buy.
In the summer of 2003, the company changed its name from Magnolia Hi-Fi to Magnolia Audio Video, in order to, as the company's website claims, "reflect the new era of electronic entertainment."
Also in 2003, the first Magnolia Home Theater store opened. Magnolia Home Theater stores are scaled-down stores found within certain Best Buy locations. The smaller Magnolia Home Theater stores offer a more limited selection of products and services than do their standalone Magnolia Audio Video counterparts.
[edit] In Recent Years
Throughout the 80s, 90s, and 2000s, Magnolia expanded its scope to include home video products, car stereo products, home and mobile phones, cameras and camcorders, and small electronics such as MP3 players. Very recently, it has narrowed its focus to include only home audio and video solutions.
Over the last few years, Magnolia has shuttered many of its standalone retail locations (especially those in Washington and Oregon), while continuing to expand the number of Magnolia Home Theater locations within Best Buy stores.
[edit] Awards and Recognition
Magnolia has won numerous awards, including Audio/Video International Magazine's "Retailers of the Year" award, which it won for 22 consecutive years. In addition, Magnolia Audio Video has received TV Guide's "Hall of Fame" award and Dealerscope Merchandising Magazine's "Pride Award."
