SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SCHULZE RICHARD M

(Last)

(First)

(Middle)

7601 PENN AVENUE S.

(Street)

RICHFIELD

55423

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BEST BUY CO INC [ BBY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman

3. Date of Earliest Transaction (Month/Day/Year)
10/24/2008

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/24/2008		P		5,000	A	$22.01	188,726	I	Spouse Irrevocable Trust
Common Stock	10/24/2008		P		5,000	A	$21.8	193,726	I	Spouse Irrevocable Trust
Common Stock	10/27/2008		P		500,000	A	$22.4232	64,170,576	I	Trustee for Revocable Trust
Common Stock								74,605	I	401(k)
Common Stock								1,619,438	I	Family Foundation
Common Stock								996,756	I	GRAT
Common Stock								2,061	I	IRA
Common Stock								950,169	I	Sole general partner of limited partnership B
Common Stock								31,672	I	Sole member of LLC which is sole general partner of limited partnership A
Common Stock								252,312	I	Sole member of LLC which is sole general partner of limited partnership C
Common Stock								1,143,043	I	Spousal GRAT
Common Stock								1,728	I	Spouse
Common Stock								15,270	I	Trustee for Children's Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$20.65							04/14/2003	04/13/2013	Common Stock	11,250		11,250	D
Stock Option (Right to Buy)	$23.19							04/16/1999	04/15/2009	Common Stock	236,250		236,250	D
Stock Option (Right to Buy)	$24.71							04/27/2001	04/26/2011	Common Stock	573,750		573,750	D
Stock Option (Right to Buy)	$31.17							04/14/2000	04/13/2010	Common Stock	911,250		911,250	D
Stock Option (Right to Buy)	$32.79							04/18/2005	04/17/2015	Common Stock	11,250		11,250	D
Stock Option (Right to Buy)	$34.18							04/10/2002	04/11/2012	Common Stock	202,500		202,500	D
Stock Option (Right to Buy)	$35.33							04/19/2004	04/18/2014	Common Stock	11,250		11,250	D
Stock Option (Right to Buy)	$47.46							04/10/2007	04/09/2017	Common Stock	7,500		7,500	D
Stock Option (Right to Buy)	$56.66							04/18/2006	04/27/2016	Common Stock	7,500		7,500	D

Explanation of Responses:

Remarks:

	/s/ Todd G. Hartman, Attorney-in-Fact	10/28/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.