As Albertsons Cos. (ABS) prepares to buy the part of Rite Aid (RAD) that isn't already being bought up by Walgreens (WBA) , we took a look at how Albertsons grew from one man's vision to a chain with over 1,000 stores catering to millions of customers.
With the country reeling from the Great Depression in 1929, college student Joe Albertson decided to drop out and enter the grocery business, figuring that in good times and bad, people have to eat.
After nearly a decade at Safeway, he opened Abertsons 101 in Boise, Idaha with $5000 of his own cash and a $7500 loan from his wife's aunt. The store featured innovations including a scratch bakery, fresh popcorn and one of the country's first magazine racks that garnered a loyal customer base.
"Give the customer the merchandise they want, at a price they can afford, complete with lots of tender, loving care." -- Joe Albertson
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