Retail entrepreneur
Schulze was born and raised in St. Paul, Minnesota, according to the University of St. Thomas. Before opening a store, he worked in electronics distribution and as a manufacturers’ representative. In 1966, he and a business partner opened a Sound of Music audio store in St. Paul. University of St. Thomas profile (opens in a new tab) ↗
The business expanded beyond its first location. Best Buy’s own historical timeline records three Twin Cities stores by 1969 and $1 million in annual revenue in 1970. Best Buy company timeline (opens in a new tab) ↗
Building Best Buy
Sound of Music’s board approved the name Best Buy Co., Inc. in 1983, the same year the company opened its first superstore in Burnsville, Minnesota. A later warehouse-style, non-commissioned “grab-and-go” format became an important part of the retailer’s identity. Best Buy company timeline (opens in a new tab) ↗
A 2002 SEC filing identifies Schulze as founder, chairman, and chief executive officer and states that he had served as an officer and director since the company’s 1966 inception. He handed the CEO duties to Bradbury Anderson effective June 30, 2002, while remaining chairman. Best Buy 2002 Form 10-K (opens in a new tab) ↗
Later public roles
Schulze left the Best Buy chair in June 2012 and received the honorary title Founder and Chairman Emeritus. The company said he would complete his director term through June 2013. Best Buy announcement, May 14, 2012 (opens in a new tab) ↗
Outside the company, his public record includes support for entrepreneurship education and the foundation he created in 2004. Those activities are described separately on this site so that Schulze’s personal actions are not conflated with actions taken by independent institutions. Foundation history (opens in a new tab) ↗