The Success of Trader Joe's

Trader Joe’s market, owned by the Albrecht family of Germany is a fascinating grocery store

It is a privately, family-run operation that has a cult following, and speaking of private, let's just say they like to keep to themselves.

We do know a few things however:

We know that sales are around $8 billion yearly, giving Whole Foods a run for its money.

80% of the store’s products are the “Trader Joe’s” brand label.

Each store sells somewhere around $1,750 in merchandise per square foot, and that's more than double what Whole Foods does.

Trader Joe's has no debt.

Even though you may think their private label products are made at smaller, indie food manufactures,  some are really made by the giant food companies.

One of the secrecy commandments with suppliers is the vendor agreement which states, “Vendor shall not publicize its business relationship with TJ’s in any manner.”

Regardless of being secretive, one thing is for sure, Trader Joe's is among the hottest grocery stores in the U.S. 

There are 344 stores in 25 states and Washington, D.C.

Trader Joe's has a different feel to it, it's offbeat and kind of fun.

 

Right now, the fact that they offer cage-free eggs is a major concern.

Here's something else, Trader Joe's offers good jobs, great products and prices, and because it exists in your neighborhood, that says a lot about your neighborhood.

Theo Albrecht -Trader Joe's Founder - Dead at 88

Theo Albrecht, one of Germany's richest people and the man who brought the Trader Joe's to America, died July 24 in Essen, Germany.

He was Known as reclusive and secretive, but Theo Albrecht and his brother Karl made their fortune taking over their parents' grocery store and turned it into the international Aldi chain.

In 1971, Mr. Albrecht was kidnapped for 17 days until his family paid a ransom of 7 million deutsche marks ($4.6 million).

In 1979, through a family trust established by Theo Albrecht, Trader Joe's was purchased from founder Joseph Coulombe.
In 1967 Joseph Coulombe had turned his Pronto convenience stores into Trader Joe's and opened the first one in Pasadena.
But now it belonged to the Albrecht family.

Even in death, his privacy and secrecy continues,

Keeping loyal to secrecy and privacy, Trader Joe's refused Wednesday to comment on Theo Albrecht, even refusing to confirm that the chain is owned by the Albrecht family.

The business information provider Hoover's confirms that the billionaire brothers bought the U.S. company in 1979. The chain now has 342 outlets and last year had sales of about $8 billion.

Besides his brother, Albrecht is survived by his wife and two sons.