Richard M. Schulze And Gary Smoliak

Satisfactory Essays

In 1966, Richard M. Schulze and Gary Smoliak founded the Sound of Music store which sold home and car stereo equipment in Saint Paul, Minnesota. The company had over $1 million in revenue and made about $58,000 in profits in its first year; it had three stores in Minnesota and became a publicly held company after 3 years.

In 1970, Richard solely owned the company since he bought out the stakes of his partner. Later, he realized that the market was heading to saturation and the number of his target customers was decreasing day by day. In 1983, Richard made a decision of renaming the company as Best Buy Co., Inc. to make the store more appealing to the customers. It was also rebranded by putting more emphasis on consumer electronics instead

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