Early Life and Education
Richard Michael Schulze was born in Saint Paul, Minnesota, on March 25, 1941. He attended Central High School and subsequently served in the U.S. Air Force with the Minnesota Air National Guard. Following his military service, he worked as a consumer electronics salesman. He later earned an honorary degree from the University of St. Thomas in Saint Paul.
Rise to Success
In 1966, Schulze founded Sound of Music in St. Paul, an audio equipment store, with his wife, Sandra. The company expanded to nine stores. A pivotal moment came in 1977 when a tornado damaged one of his stores, leading to a successful "Tornado Sale" with low prices, which he adapted into a new retail format emphasizing high-volume, low-cost sales. In 1983, Schulze rebranded Sound of Music as Best Buy. This shift marked the beginning of Best Buy's evolution into a major consumer electronics retailer. Schulze served as CEO from 1983 to 2002 and chairman until 2012.
Key Business Strategies
Schulze's innovative approach to retail included the superstore format, everyday low prices, and a focus on consumer electronics. Best Buy expanded its offerings, including appliances, and introduced services like the Geek Squad.
Philanthropy
Richard Schulze has been actively involved in philanthropy throughout his career, establishing the Richard M. Schulze Family Foundation. The foundation supports healthcare, education, and basic human services, with over a half-billion dollars donated to various causes. He aims to give away $1 billion of his fortune in his lifetime. He also donated to Moffitt Cancer Center in 2018.
