Family Business Profile: The Albrechts

Family Business Profile: The Albrechts

On business ideas from founders of Aldi Stores.

People: Brothers Theo and Karl Albrecht

Industry: Consumer Retail (Aldi and Trader Joe’s)

Net worth: $38.8 billion

Forbes 100 greatest business minds 2019

Karl Albrecht:

On Business Ideas:

“I had luck, a lot of luck… and I wanted to be big. I could have done something else (other than grocery retailing) but I realised already as a child that grocery retail can grow even in times of crisis. It was so clear, so simple that anyone could have done it. But I believed in my idea and implemented it consequentially.
On Low-Cost Product Strategy:
“Our only consideration when we are working out a product’s price is how cheaply we can sell it.”
On Wealth:
“Wealth means little to me unlike the freedom and independence that wealth brings with it.”

Interesting fact:

When Theo Albrecht was asked to approve the plans for a new store in the Netherlands, he stated that the design was good, but the paper it was drawn on was too thick:

“If you use thinner paper we will save money.”

Image: Karl Albrecht, Aldi Süd/DPA

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MIB Staff is a collective of journalists, covering the topics of economy, financial law and entrepreneurship as well as carrying out business management research and building online profiles of world-renowned business leaders.