Dive Brief:
- Karl Albrecht, who built the Aldi supermarket chain into a global powerhouse and became Germany's second-richest man, has died at the age of 94.
- Albrecht and his brother pioneered the German style of discount supermarket, which emphasizes store brands, eschews marketing and advertising expenses, and concentrates on keeping costs down.
- Albrecht, who shied away from the limelight and avoided the press, lived an eventful life. He served with the German Army in WWII and was wounded on the Russian front, and later negotiated with thugs who had kidnapped his brother.
Dive Insight:
Karl Albrecht's death ends an era in retail that has only just begun. Today, the Aldi chain and other discounters like it are causing havoc in the UK grocery market as the company plans a major expansion in the United States. In the meantime, Trader Joe's, a chain that his late brother Theo created from a section of the the original Aldi, is changing the face of American retail.