Who Is The Owner Of Best Buy?
The owner of Best Buy launched this American multinational consumer electronics retailer in 1966. Best Buy is an audio specialty store that was rebranded from Sound of Music. It majorly operates in Canada, China, Europe, and Mexico. This company ranked number 72 in the Fortune 500 list of the largest United States corporations in 2018 by total revenue. In today’s post, I will reveal who is the owner of Best Buy including the history of the retail company.
Who Is The Owner Of Best Buy?
The owner of Best Buy is Richard Michael Schulze who is an American billionaire businessman. Richard is also the founder of Best Buy and was the CEO and Chairman of the same retail company. In the list of the world’s billionaires on Forbes 2006, he was ranked number 722. James Wheeler is Best Buy’s founder who helped Richard to rebrand the company.
You can keep on reading further to know about Richard M. Schulze’s political affiliation.
About The Owner Of Best Buy
Richard the owner of Best Buy was born and raised in Saint Paul, Minnesota. Over here, he attended Central High School. At the same time, he also spent time in the U.S. Air Force with the Minnesota Air National Guard. Richard worked as a consumer electronics salesman after the Air Force.
In 1966, Richard mortgage his house to find an audio equipment store named Sound of Music in Saint Paul. Slowly the company expanded to nine stores but a tornado destroyed one of his stores. So, he had a tornado sale offering a very large selection of goods and low prices! This sale was a hit and then he renamed the chain “Best Buy”. He shifted the model to a superstore format with 18000-sq-ft stores.
This format became immensely popular and increased the demand for more Best Buy products, especially VCRs. The Best Buy chain grew to 40 stores in 1989 where he also included computer software, music, movies, and computer hardware. Surprisingly, the chain had $5 billion in sales and 155 stores in 1995. Best Buy also added applications and kitchen utensils to its lineup in 1996.
In 2012, Richard left the company as Best Buy Chairman when he already owned 20% of the company. In 2013, he again rejoined the company that he founded with a new title: chairman emeritus. Richard donated $50 million to the University of St. Thomas to help open the UST School of Law. Currently, he sits on the Board of Governors of the UST School of Law.
The owner of Best Buy brought a house in Naples FL for $30 million. It’s a ranch-style bungalow spanning 3400 square feet having a waterfront pool. There is also a path to a thatched-roofed tiki hut and access to the boat dock. In 2014, the fire destroyed the Naples, FL YMCA. Richard donated $1.5 million through his Family Foundation for restoration.
Richard is a Catholic and was first married to Sandra J. Schulze until her death in 2001. Sandra and Richard had four children who currently live in Naples, Florida. After the death of Sandra, he got married to Maureen Schulze.
Now, you must be wondering how much does an owner of Best Buy make a year. As I have mentioned earlier, Richard was listed as the world’s billionaires on Forbes 2006. Richard M. Schulze’s net worth is estimated at $3.9 billion USD as of 2023. Since 2003, Richard made over 74 trades of Best Buy Co stocks.
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FAQ
Is Best Buy An American Owned Company?
Best Buy Co. Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota. Originally founded by Richard M.
Why Did Best Buy Change Their Name?
All the products were put on the store floor, instead of back in the stockroom, so customers could actually touch the items. The store did away with commissioned sales people to create a no-pressure environment. And most importantly, Sound of Music changed its name to become Best Buy.
Why Did Best Buy Failed?
“The problem with the creation of the big stores is that Best Buy is now saddled with the costs of that vast square footage,” Chen said. And Best Buy failed to look far enough down the road. “They did not realize how fast disruptive forces would turn their stores into liabilities instead of assets,” Kasanoff said.
Why Did Best Buy Fail In China?
Best Buy exited China in 2011, with market failure attributed to the negative impacts of counterfeit markets, pricing, and its big-box retailer format.
Conclusion
Richard M. Schulze opened this electronics store in high fidelity stereos in St. Paul, Minnesota. However, Best Buy headquarters are located in Richfield, Minnesota, U.S. Minnesota Governor Arne Carlson designated the day November 9, 1991, as Richard M. Schulze Day. The owner of Best Buy opened this store with his personal savings and by taking a mortgage on his house.
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