Early Life and Education
Richard Michael Schulze was born and raised in Saint Paul, Minnesota. After graduating from Central High School, he served in the U.S. Air Force with the Minnesota Air National Guard. Following his military service, Schulze entered the retail sector, initially working as an electronics salesman.
Rise to Success
In 1966, Schulze founded Sound of Music, an audio equipment store, in St. Paul, Minnesota. The company expanded, and in 1983, he rebranded it as Best Buy, introducing the superstore format with expansive showrooms. This model allowed customers to interact with products, which was a revolutionary move in the consumer electronics market.
Key Business Strategies
Schulze's strategies included offering low prices, a wide selection of products, and a focus on customer service. Best Buy also incorporated the “Concept II” stores with a self-service warehouse layout. He stepped down as CEO in 2002 and as Chairman in 2012, but remains the largest individual shareholder, holding approximately 6.4% stake as of October 2025.
Philanthropy
Richard Schulze is committed to philanthropy and has pledged to donate $1 billion to charitable causes. He established the Richard M. Schulze Family Foundation in 2004 with his late wife, Sandra, to support education, health, and community development. The foundation has contributed over $500 million, including major gifts to the Mayo Clinic and the University of St. Thomas, where he funded the Schulze School of Entrepreneurship.