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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LONDON MICHAEL
  2. Issuer Name and Ticker or Trading Symbol
BEST BUY CO INC [BBY]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP - Global Sourcing
(Last)
(First)
(Middle)
7601 PENN AVENUE SOUTH
3. Date of Earliest Transaction (Month/Day/Year)
10/11/2004
(Street)

RICHFIELD, MN 55423
4. If Amendment, Date 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
(City)
(State)
(Zip)
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)
Code V Amount (A) or (D) Price
Common Stock               14,367 D  
Common Stock 10/11/2004   A   5,250 A $ 0 11,000 D (1)  
Common Stock               900 I 401(k) Plan
Common Stock               600 I Spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 2.13             04/18/1997 04/17/2007 Common Stock 6,750   4,750 D  
Stock Option (Right to Buy) $ 11.46             04/24/1998 04/23/2008 Common Stock 22,500   11,250 D  
Stock Option (Right to Buy) $ 46.75             04/14/2000 04/13/2010 Common Stock 33,750   33,750 D  
Stock Option (Right to Buy) $ 37.06             04/27/2001(2) 04/26/2011 Common Stock 43,725   30,975 D  
Stock Option (Right to Buy) $ 51.27             04/11/2002(2) 04/10/2012 Common Stock 43,725   43,725 D  
Stock Option (Right to Buy) $ 28.67             01/16/2003(2) 01/15/2013 Common Stock 20,000   20,000 D  
Stock Option (Right to Buy) $ 59.38             11/03/2003(2) 11/02/2013 Common Stock 40,800   40,800 D  
Stock Option (Right to Buy) $ 55.09 10/11/2004   A   31,500   10/11/2004(2) 10/10/2014 Common Stock 31,500 $ 0 31,500 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LONDON MICHAEL
7601 PENN AVENUE SOUTH
RICHFIELD, MN 55423
      EVP - Global Sourcing  

Signatures

 /s/ Mark Geldernick Attorney-in-fact for Michael London   10/13/2004
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Restricted shares that will vest in a range from 0%-100% three years from the date of grant, depending on satisfaction of certain performance factors.
(2) The option vests in four equal annual installments beginning one year from the date of grant.

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