Reitan doesn’t just make money from milk and bread. The family business cashes in billions in both property and shares.
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Waterfalls in Denmark
Among the highlights Reitan highlights is the growth for Rema 1000, particularly in Denmark.
– In Denmark, we are currently opening one to two stores a week, and I am impressed by our Danish colleagues, who have once again managed to make Rema 1000 the strongest brand in all of Denmark, says Ole Robert Reitan.
On 2 May this year, Rema 1000 will open store number 400 in Denmark, the company reports. In Norway, Rema 1000 has around 700 stores.
– In Norway, Rema wins 1,000 important price tests and constantly takes new market shares, while at the same time we work hard to take and consolidate the position as Norway’s cheapest and best grocery player, says Ole Robert Reitan in the press release.
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Admittedly, Rema 1000 took some small new market shares last year. But at the same time they had to see themselves overtaken by Kiwi, which is now the country’s largest grocery chain.
Reitan’s “oil fund”
Reitan can note strong turnover growth in 2023. It increased by NOK 13 billion to NOK 143 billion.
The family business can record a solid operating profit of 4.1 billion.
Reitan started with Rema 1000 in February 1979, but has since grown into a billion-dollar company with a wide range of businesses, including:
- Rema 1000
- Narvesen
- 7-The student
- Press Agency
- Uno-X
- Norwegian Chicken
- Solvinge
- The colony garden
- Kjeldsberg
- Grans brewery
One of the pillars of the Reitan system today is Reitan Kapital, what Odd Reitan has referred to as the family’s “oil fund”. The figures presented today show a gain of 1.3 billion. It is youngest son Magnus Reitan who is head of Reitan Kapital.
Two years ago it became known that a large part of the Reitan fortune has ended up in Switzerland. This is because Magnus’s two children have moved there, and they have both inherited most of the values their father placed on them.
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Large rental income
Reitan has also become one of the country’s truly large property owners. The rental income Reitan Eiendom took in last year was a whopping NOK 1.8 billion, which is an increase of NOK 300 million from the previous year.
Over the past year, Reitan has made several large property purchases, particularly in Trondheim. There they have taken over the properties of Entra.
– Our people have worked well to land the agreement with Entra to take over their properties in Trondheim. According to the plan, this will happen on 1 June, and all employees from there will join us and will strengthen our team on many fronts, says CEO of Reitan Eiendom, Trond Mellingsæter in the press release.
