Our History

Founder, Richard M. Schulze was born in St. Paul, Minnesota and has contributed much to his beloved home state over the years. Richard’s values of integrity, humility, honesty and respect have resonated throughout his career and personal life. Graduating from Central High School in St. Paul and never attending college, he built his career on hard work and determination. After his discharge from the US Air Force with the Minnesota National Guard, he worked as an independent manufacturer’s representative, selling consumer electronics components for his father. In 1966, he opened a chain of six stereo component retail stores called the Sound of Music. In the early 1980s, the company expanded into video products and appliances, changing the name to Best Buy in 1983 and becoming a publicly traded company two years later. In 1989, Best Buy pioneered a new concept that placed all inventory on the sales floor and featured non-commissioned product specialists. Today, Best Buy has over 1300 stores in 14 countries and 165,000 employees.

Schulze has been an officer and director from the inception of Best Buy and currently is Chairman of the Board. In June 2002, he relinquished his CEO duties.

Schulze holds an honorary doctoral degree from the University of St. Thomas in St. Paul, MN. He is a member of the MN Business Partnership, a collective of the state’s 85 largest corporations, working alongside legislators to develop public policy, on the Board of Trustees at UST and is Chairman of the Opus College of Business in Minneapolis.

A notable philanthropist, Schulze, along with his late wife Sandra, has supported many non-profit organizations over the years. Schulze personally has worked with many civic committees and organizations such as the University of St. Thomas, Mayo Clinic, American Cancer Society, JDRF, United Way and the University of Minnesota.

Schulze and his late wife, Sandra, wanted to continue their belief in practicing charitable behavior by establishing, with his family, The Richard M. Schulze Family Foundation in 2004. The Board of Trustees meets twice a year.

The Richard M. Schulze Family Foundation supports organizations that improve the lives of families and children in the areas of Education, Food, Shelter, Camps, Human Services and Medical Related Human Services.