From hi-fi shop to retail system

Sound of Music

Schulze and a business partner opened the first Sound of Music store in St. Paul in 1966. The company grew across the Twin Cities; Best Buy’s retrospective timeline records nine Minnesota stores by the end of 1978. Company history (opens in a new tab) ↗

A disruption becomes a test

After a tornado hit the Roseville store, Sound of Music held a low-price, “no frills” sale to move inventory. Best Buy’s own history treats that event as an early test of a broader assortment and value-focused format. The causal significance is the company’s characterization, not an independent empirical finding. Company history (opens in a new tab) ↗

The Best Buy format

The board adopted the Best Buy name and opened a Burnsville superstore in 1983. An initial public offering followed in 1985. In 1989 the company introduced a non-commissioned, warehouse-style “grab-and-go” format. Company history (opens in a new tab) ↗

Scale and succession

The retailer entered the Fortune 500 in 1995, launched BestBuy.com in 1999, and acquired Canada-based Future Shop in 2001. These were company-level developments under a broader leadership team, not acts attributable to one person alone. In 2002, Schulze relinquished CEO duties and remained chairman. Company history (opens in a new tab) ↗ 2002 SEC filing (opens in a new tab) ↗

Governance and an uncompleted bid

Best Buy’s board reported in May 2012 that Schulze had acted inappropriately by failing to bring allegations involving then-CEO Brian Dunn to the audit committee when they were first raised with him. Schulze said he understood and accepted the finding. He stepped down as chair the following month. Best Buy investigation release (opens in a new tab) ↗

Schulze later explored acquiring the company. Best Buy announced on March 1, 2013, that the agreed deadline expired without an offer. Best Buy status announcement (opens in a new tab) ↗