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A tribute to Theo Albrecht

Posted by Dr. Terry Stoops at 09:26 AM

Theo Albrecht, the secretive co-founder of Germany's worldwide discount supermarket chain Aldi, a co-owner of Trader Joe's in the United States and one of Europe's richest men, has died at age 88.

[snip]

Aldi carries a limited selection of fastest-selling, nonperishable consumer items, a strategy that allowed them to increase order volume, cut handling costs and waste, and buy their goods cheap — savings passed on to the consumer.

Aldi now has more than 4,000 outlets in Germany alone, where it is known for its no-frills shopping environment, streamlined processes and a limited range of discount products.

Theo and his brother Karl created stores that allowed low and middle income families to purchase food (or a quantity/variety of food) that they, otherwise, would have been unable to afford. Without a doubt, Theo was a great entrepreneur. But it is just as appropriate to call him a great humanitarian.

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