Magnolia Hi-Fi and Strong
Staying independent in the Best Buy family
By Natalie Hope McDonald
Smaller business' bogeyman isn't always bigger business. In 2000, Best Buy bought Magnolia Hi-Fi. Though at first it may have seemed like just another way to gobble up the little guy, it wasn't. Instead, independent-spirited Magnolia got bigger, better and stronger thanks to the chain's support, said Jim Tweten, Magnolia's president and CEO. He's confident that by running with Best Buy, his own distinctive stores had a better chance of carving out a unique niche with mainstream financing. Don't believe him? Keep in mind it's personal; Tweten's father founded the store, and he has no intention of rewriting history.