BlackEnterprise.com is reporting that electronics giant, Best Buy Co. Inc. has inked a deal with Magic Johnson Enterprises in effort to build its “street cred” among the urban marketplace.

Best Buy has obviously realized what I’ve already known, that the African-American consumer spends more money shopping than any other ethnicity spending more money buying consumer products than they make. As part of Best Buy’s growth initiative they’ve begun opening of more stores in ethnically diverse neighborhoods and have hired to Magic to make them more appealing. They join Aetna, Starbucks, Burger King, NASCAR, T.G.I. Fridays, and 24 Hour Fitness as companies that have partnering with MJE to increase multicultural consumer traffic.

Best Buy hopes MJE can help enhance management’s “ability to create jobs, train, retain, and develop employees and to create value in communities by developing local business partnerships and supporting urban development which helps everyone,” Herschel Herndon, Best Buy’s vice president of multicultural relations tells Black Enterprise. “We’re going to look at a range of ways to better serve the multicultural consumer who is already a great customer of Best Buy. We love electronics. We love to have the latest and greatest DVDs and CDs. So, this is about how we can grow the physical presence of Best Buy in the urban community.”

Aint that the truth. We’re always throwing money at Best Buy.

According to research conducted by Yankelovich, roughly 57% of the Blacks (including Hispanics) indicated that they are more likely to purchase from enterprises that Magic has his hand in.