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Odd Reitan & family

Odd Reitan & family

O. family
0.71% | + $55.07M
$7.77 B ₹ 70,697 Cr
Real Time Net Worth #477 Ranking as of 21 Feb 2026 By Forbes

More on Odd Reitan & family

Gender

Male

Age

74Y

Country

Norway

Born On

September, 1951

Deceased

No

Relationship Status

Married

Children

2

Education

Unknown

Designation Info :

Self-Made

Yes

Entrepreneur Type

Self-Made (Retail)

Primary Organization

Reitan Group

Titles

Founder

Sources of Wealth

Reitan Group

Industry

Fashion & Retail, Real Estate

About Odd Reitan & family


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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Quick Reads


  • Founder of the Reitan Group, a major Scandinavian retail conglomerate.
  • Created the highly successful discount grocery chain REMA 1000.
  • His parents were also grocery store owners.
  • The group also owns major convenience store chains and has large real estate holdings.
  • His sons, Ole Robert and Magnus Reitan, are actively involved in running the business.

Early Life and Background


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.

  • Reitan Group (Founder & Chairman): The core private asset, a massive conglomerate spanning retail (Rema 1000), fuel (Uno-X), real estate, and finance (operating over 3,800 stores in 7 countries).
  • Retail Pioneer: His success is built on pioneering the discount grocery store model in Norway and successfully scaling Rema 1000 (one of the largest chains in the Nordic region).
  • Investment Strategy: His philosophy is rooted in long-term investment in retail real estate and supply chain control.
  • Family Governance: His sons, Ole Robert Reitan and Magnus Reitan, are CEOs of the core retail and financial divisions, ensuring generational continuity.

Career Journey of Odd Reitan & family


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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Odd Reitan & family's Timeline


1972:

Opens his first Rema 1000 discount store in Trondheim (Founding).

1980s:

Rema 1000 expands aggressively, achieving national dominance (Retail Apex).

Ongoing:

Odd Reitan transitions executive leadership to his sons (Generational Succession).

Ongoing:

Continues as Founder and Executive Chairman, guiding the massive retail empire (Executive Oversight).

Major Business Ventures and Investments


Odd Reitan's wealth is concentrated in his founding equity and continued executive leadership of the private retail giant, Reitan Group.

  • Reitan Group (Founder & Chairman): The core private asset, a massive conglomerate spanning retail (Rema 1000), fuel (Uno-X), real estate, and finance (operating over 3,800 stores in 7 countries).
  • Retail Pioneer: His success is built on pioneering the discount grocery store model in Norway and successfully scaling Rema 1000 (one of the largest chains in the Nordic region).
  • Investment Strategy: His philosophy is rooted in long-term investment in retail real estate and supply chain control.
  • Family Governance: His sons, Ole Robert Reitan and Magnus Reitan, are CEOs of the core retail and financial divisions, ensuring generational continuity.

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Philanthropy and Social Impact


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.

Fashion, Style, and Lifestyle


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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Quotes and Philosophy


No publicly available quotes.

Fun Facts & Trivia


  • He is the Founder of Rema 1000 and Executive Chairman of the Reitan Group.
  • He started his first store in 1972.
  • Rema 1000 is one of the largest discount grocery chains in the Nordic region.
  • His sons are the CEOs of the core retail and financial divisions.
  • The company operates over 3,800 stores in 7 countries.
  • His wealth is estimated at $7.5 billion (2024 estimate).
  • His philosophy emphasizes scale logistics and low-cost operations.

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Sources & References


This profile is compiled from verified biographical and financial records:

  • Wealth Data: Real-time tracking and historical data from Forbes Billionaires and the Bloomberg Billionaires Index.
  • Biographical Records: Educational and career history sourced from Reuters, The Wall Street Journal, and official university alumni directories.
  • Regulatory Filings: Shareholder and executive disclosures from stock exchange databases, including HKEX, SSE, SZSE, and SEC EDGAR.
  • Corporate History: Primary data from annual company reports, founding charters, and verified press announcements.

All information is cross-referenced with public sources for accuracy; some narrative sections are AI-assisted summaries.

If you find any inaccuracies, please report them to admin@redcarpetlife.in

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