About Norway’s Top Business Tycoon “Mr Odd Reitan“
About Norway’s Top Business Tycoon “Mr. Odd Reitan “
EARLY LIFE
The birthplace of Odd Reitan was Trondheim, Norway. He was born in September 1951. He comes from the family of ‘Single Store Grocers’ owned by Ole Reitan (his Father) and Margit Aauhung (his mother). He owns many places in Spain and other parts of Europe. He currently lives in Trondheim, Norway. He is known for his company name Reitan Group of companies which comprises five other companies named Reitan Convenience, Reitan Eiendom (a Real Estate Business), Reitan Kapital, Reman 1000 and Uno-X. He married in December 1952 to a woman named Marit Arntsen.
They are having two sons who are named as Ole Robert Reitan and Magnus Reitan. However, in 2018 he married another woman named ‘Hilde Undlien’ in Cathedral, Trondheim. He stated that he was having a relationship since 2012. Odd Reitain is found in Spain and in Lade Gaard, Trondheim most of his time. In his book ‘If I was President,’ he posed himself to be a president of Norway without being elected through votes due to his admiration and vision.
STARTUP AND BUSINESS INFORMATION
The history of his glorious venture started in 1948 with a grocery store opened by his parent at first which was named O. Reitan Colonial. This was the first store of his time where he understood the key points of his business and set the norm of opening different stores by then. In 1972, Odd Retain went through his first store named Sjokkpris in the centre of the city of Trondheim. In the series wise he then introduced many other stores in the whole region by the time.
In
the meanwhile, he went through the Real Estate Business after going on the
trip with his Father around Europe. He expanded his franchise adventure and
there came another big industry which is known as REMA 1000 which again took
expansion over many years in that time. This venture raised more than 10,000
residents by the time around Denmark, Poland, Sweden, Slovakia and Hungary.
He ever lasted his business by opening up another big vision with the name of Reitan Convenience AS. The shares of this business brought him Hydro Texaco to Norway and Denmark where he introduced his own service stations with the name YX Energi. After this successful enterprise, it got its recognition and affiliation with world-renowned company ‘Shell’ IN Scandinavia by the year 2007. In 2015, the total sales and retail of his business in Real Estate were around $10 Billion. In 2016, his net worth was around $6.8 billion.
SUCCESS STORY
His success story lies in his hard work and wise vision. He states that ‘his only wealth in Gold and Goods’, not money. The idea of goods came when he used to work in the grocery store where he used to sell daily needed based items. In his early career, he learned that business is not based on getting paid massively by selling luxurious items to wealthy people rather it stands on the trust and customer-first policy. In all his areas of success, he focused on creating and promoting values to the people so that gain trust and respect from people.
He focused on a chain of related businesses where he can play a role whereas his
competitors only thought about one product line at a time. This lead to the
huge success of his time where he applied his ‘price vision’ and ‘cutism’ he
won the hearts of his customer and expanded his businesses throughout the
market in Scandinavian and Other parts of Europe.
LIMITATIONS
Odd Reitan after
hearing of freezing his Food Empire got astonished and does not agree with his
son on this matter. This news came after the increasing new federal law
regulation policies for these big business ventures. All these challenges are
the reason inherited from the rising level of competitors in the market but Odd
Reitan stays with the policy of exaggeration where he believes that our food
market will raise more efficiently in the future above all these challenges.
The prices set
by the government are more elaborated and less exaggerated where it is being
pointed that REMA group are standing around 15 to 20% higher than the prices from
the other markets. However, this claim ruins the main slogan of REMA Group in
terms of their grocery business but Reitan is hopeful for his business as he
claims that ‘our business stands on good and golds rather than money. He
justifies his position by clarifying his real mode of business and vision out
of the propagated news posed on him by his competitors through media and
government.
HIS SUGGESTIONS FOR MASSIVE SUCCESS
The most remarkable lesson we can get from the story of Reitan Group of Companies is “Trust” and “Loyalty with Customers”. The most thriving vision posed by Odd Reitan stands on his policy of bringing the best goods in the market at the lowest prices so that to increase the idea of affordability and improve the purchasing power parity of the customers in the market.
He retains this idea for more than 40 years of his business and today, he owns almost the big Grocery business all over Norway and other parts of Europe. He mostly says that while competing with competitors things are sometimes required to be exaggerated on media so that to push down all the propagated concerns of media and challenges posed by the competitors.
They expand their business in accordance to the trends of time where they are focusing on E-Commerce through which they will be providing their supply chain to the whole customers. Similarly, when there comes a conflict between prices posted by the government. Reitan believes that don't rely on the government to bring you goods at reliable prices rather it is better for the industry itself to step in and bring all those items and goods that are affordable and acceptable for the customers.
Thus, the story of REMA Group taught us the vision that no matter what are the
circumstances and challenges we face in daily life in the form of
competitors through media, laws, regulation policies and other issues; Our
principle with reference to our deeds and goals define our future and
destinations.
TEAM
LAUREATE FOLKS INTERNATIONAL
ERC PAKISTAN
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