O dd Reitan is a Norwegian billionaire and the founder of the Reitan Group, a vast retail and real estate empire. His entrepreneurial journey began in his hometown of Trondheim, where his parents ran a small grocery store. Inspired by their work, Reitan opened his first store in 1972. He developed a keen interest in discount retail models he observed abroad and, in 1979, he founded the REMA 1000 chain of discount grocery stores. The name stood for 'Reitan Mat' (Reitan Food), and the '1000' initially referred to its goal of stocking 1,000 different items.
The REMA 1000 concept, based on a franchise model and a focus on low prices and efficiency, was a phenomenal success. The chain expanded rapidly throughout Norway and then into other Scandinavian countries like Denmark. Over the decades, Reitan diversified his business interests under the umbrella of the Reitan Group. The group now includes the convenience store chains Narvesen in Norway and Pressbyrån in Sweden, as well as significant holdings in real estate and energy through subsidiaries like Reitan Eiendom and Uno-X. The company remains family-owned, with his sons Ole Robert and Magnus holding key leadership positions.
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Odd Reitan is a Norwegian businessman, the self-made billionaire Founder and Executive Chairman of Reitan Group, a massive conglomerate spanning retail (Rema 1000 supermarkets), fuel, real estate, and finance. Born in Trondheim, Norway, in 1951, his career is rooted in entrepreneurial audacity and retail logistics.
Reitan's philosophical approach centers on cost efficiency, scale logistics, and long-term asset hold in the essential food retail and property sectors. He founded Reitan Group in 1972 by opening his first Rema 1000 discount store in Trondheim, recognizing the immense, untapped domestic demand for low-cost groceries.
Odd Reitan's strategic genius was his commitment to the hard discount model. He transformed his single store into Rema 1000, which became Norway's dominant discount grocery chain (known for its commitment to low prices and efficient logistics). His structural contribution is immense: pioneering the modern, low-cost food retail model in the Nordic region.
He stepped down from the CEO role (remaining Executive Chairman) to focus on governance and strategic growth. His sons assumed executive roles, maintaining the family's control over the vast empire. His wealth is secured by the colossal, long-term, stable profitability of the essential food retail and property sectors.
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Opens his first Rema 1000 discount store in Trondheim (Founding).
Rema 1000 expands aggressively, achieving national dominance (Retail Apex).
Odd Reitan transitions executive leadership to his sons (Generational Succession).
Continues as Founder and Executive Chairman, guiding the massive retail empire (Executive Oversight).
Odd Reitan's wealth is concentrated in his founding equity and continued executive leadership of the private retail giant, Reitan Group.
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Odd Reitan's social impact is structural, stemming from Reitan Group's role as a massive employer and foundational provider of affordable food and consumer goods across the Nordic region. His companies contribute significantly to food security and economic stability. His personal philanthropy supports various community and educational initiatives.
His structural contribution is tied to the successful industrialization and scale of the Scandinavian food retail sector.
Odd Reitan maintains the professional, pragmatic style of a corporate executive. His attire is consistently formal and high-quality, favoring tailored suits. His aesthetic reflects serious authority and stability, typical of a leader in the global retail sector.
Residing in Trondheim, Norway, his luxury is the immense security and financial reward derived from his multi-billion dollar fortune. His life is dedicated to retail scale, strategic management, and the long-term stewardship of the Reitan empire.
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+89.19% | +$3.30B
0% | $0.00M
This profile is compiled from verified biographical and financial records:
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