Hall of Fame Richard M. Schulze
For example, Best Buy's decision to acquire Magnolia HiFi to serve the higher end custom install customer, Musicland to capture the Gen-Y, mall shoppers and more rural markets, and Future Shop to expand into Canada "were largely driven by my feeling that these were the right moves for the company," Schulze said.
"Brad Anderson—our vice chairman, long-time employee and my alter-ego, if you will—and I wrestle through many of the decisions we make as a company.…The future will focus more on Brad and the team that is marching diligently with him. My role will become somewhat more strategic, certainly more tactical and much less operational."
What will Best Buy be five years from now? "A global leader in our industry," Schulze replies without hesitation. "The reasons for all the various retail strategies presently underway in the U.S. is to assure ourselves that we know and understand what each of these strategies are capable of delivering, and to understand where in the world they can be applied effectively.… My vision is to see the Best Buy yellow tag in all of the major countries of the world. It's unrealistic to believe that 45,000-sq. ft. stores work everywhere, so there will be more segmentation in our marketing and positioning."