Early Life
Theo Albrecht Jr. was born in Bremen, West Germany, in 1950. He is the son of Theo Albrecht Sr., who co-founded the discount supermarket chain Aldi with his brother Karl in 1946. The family's journey began with a small grocery store in Essen in 1913. After World War II, they transformed the store into a discount supermarket, emphasizing low prices and efficiency. Theo Jr. was raised in a Catholic household, and the family emphasized privacy.
Rise to Success
The brothers Karl and Theo split the company in 1961, with Karl taking the southern German stores and international rights to the Aldi brand, while Theo Sr. took the northern German stores. In 1971, Theo Sr. expanded the family's business by acquiring the U.S. grocery chain Trader Joe's. Theo Jr. inherited his father's role and responsibilities in Aldi Nord after his father's death in 2010. After Berthold's death in 2012, Theo Jr. became the primary steward of the family empire.
Key Business Strategies
Aldi's business model emphasizes cost-efficiency, limited product lines, and private-label brands, allowing the company to offer competitive prices. The Albrecht family's commitment to privacy extends to their business operations. Theo Jr. has overseen the growth of Aldi Nord and Trader Joe's into two of the most successful grocery chains in the world.
Philanthropy
Theo Jr. manages his wealth through the Markus Foundation, which operates the grocery franchises. However, specific philanthropy amounts are not readily available.
