FORM 5
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
[ ] Form 3 Holdings Reported
[ ] Form 4 Transactions Reported	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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                      	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

SCHULZE RICHARD M	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	
(Last)          (First)          (Middle)

7601 PENN AVENUE S.	3. Statement for Issuer's Fiscal Year Ended (MM/DD/YYYY)
2/26/2011 		
(Street)

RICHFIELD, MN 55423
(City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	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. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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)	
				Amount	(A) or (D)	Price				
Common Stock  	10/15/2010  	 	G  	6097.0000  	D	$0.0000  	1829659.0000  	I  	Family Foundation  	
Common Stock  	12/15/2010  	 	G  	64750.0000  	D	$0.0000  	1764909.0000  	I  	Family Foundation  	
Common Stock  	12/22/2010  	 	G  	59800.0000  	D	$0.0000  	1705109.0000  	I  	Family Foundation  	
Common Stock  	12/23/2010  	 	G  	223300.0000  	A	$0.0000  	1928409.0000  	I  	Family Foundation  	
Common Stock  	6/24/2010  	 	G  	4308.0000  	A	$0.0000  	28626.0000  	I  	Trustee for Children's Trust  	
Common Stock  	6/24/2010  	 	G  	26207.0000  	D	$0.0000  	59231635.0000  	I  	Trustee for Revocable Trust  	
Common Stock  	12/21/2010  	 	G  	2292.0000  	D	$0.0000  	59229343.0000  	I  	Trustee for Revocable Trust  	
Common Stock  	12/23/2010  	 	G  	223300.0000  	D	$0.0000  	59006043.0000  	I  	Trustee for Revocable Trust  	
Common Stock  	 	 	   	 	 	 	1147500.0000  	D  	 	
Common Stock  	 	 	   	 	 	 	79983.0000   (1)	I  	401(k)  	
Common Stock  	 	 	   	 	 	 	4429231.0000  	I  	GRAT  	
Common Stock  	 	 	   	 	 	 	2061.0000  	I  	IRA  	
Common Stock  	 	 	   	 	 	 	950169.0000  	I  	Sole general partner of limited partnership B  	
Common Stock  	 	 	   	 	 	 	31672.0000  	I  	Sole member of LLC which is sole general partner of limited partnership A  	
Common Stock  	 	 	   	 	 	 	252312.0000  	I  	Sole member of LLC which is sole general partner of limited partnership C  	
Common Stock  	 	 	   	 	 	 	1143043.0000  	I  	Spousal GRAT  	
Common Stock  	 	 	   	 	 	 	183726.0000  	I  	Spouse Irrevocable Trust  	
Common Stock  	 	 	   	 	 	 	10728.0000  	I  	Spouse Revocable Trust  	

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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
(MM/DD/YYYY)	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 at End of Issuer's Fiscal Year
(Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)	11. Nature of Indirect Beneficial Ownership
(Instr. 4)	
					(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
Stock Option (Right to Buy)  	$34.1800  	 	 	   	  	  	4/10/2002  	4/11/2012  	Common Stock  	202500.0000  	 	202500.0000  	D  	 	
Stock Option (Right to Buy)  	$20.6500  	 	 	   	  	  	4/14/2003  	4/13/2013  	Common Stock  	11250.0000  	 	11250.0000  	D  	 	
Stock Option (Right to Buy)  	$32.7900  	 	 	   	  	  	4/18/2005  	4/17/2015  	Common Stock  	11250.0000  	 	11250.0000  	D  	 	
Stock Option (Right to Buy)  	$56.6600  	 	 	   	  	  	4/18/2006  	4/27/2016  	Common Stock  	7500.0000  	 	7500.0000  	D  	 	
Stock Option (Right to Buy)  	$35.3300  	 	 	   	  	  	4/19/2004  	4/18/2014  	Common Stock  	11250.0000  	 	11250.0000  	D  	 	
Stock Option (Right to Buy)  	$24.7100  	 	 	   	  	  	4/27/2001  	4/26/2011  	Common Stock  	573750.0000  	 	573750.0000  	D  	 	

Explanation of Responses:	
(  1) 	This number reflects a periodic acquisition of shares under the employee retirement savings account (401(k)) exempt from reporting under Section 16b-3(c). Total is based on a plan statement as of February 26, 2011.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
SCHULZE RICHARD M
7601 PENN AVENUE S.
RICHFIELD, MN 55423	X		Chairman		

Signatures		
/s/Lisa Beth Lentini, Attorney-in-Fact		3/21/2011	
** 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.	
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