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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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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