Colruyt family: Pillars of Belgian retailing since 1950
Colruyt family
The origins of the Colruyt Family and Group go back to the 1950s, when they started out as wholesalers in Flemish Brabant. With the opening of the first in 1965They introduced the discount concept to Belgium, revolutionizing the retail landscape. The bold approach of offering lower 10 % prices than competitors immediately won over customers. Jef Colruyt and the Colruyt family has estimated assets of over 3.5 billion euros.
Success was not long in coming, and despite the challenge of keeping the company's new direction a secret from retailers, expansion continued. Colruyt's sober, utilitarian premises did not deter the affluent consumers targeted by these initial strategies.
In the 1970s, the discount model became popular, prompting Colruyt to adopt a permanent low-price strategy supported by advanced computerization. By the time Jo Colruyt died in 1994, the company had become the equivalent of its main competitors, Delhaize et GB-Inno-BM. Jef Colruythis son, then took over the reins, sometimes bringing surprise and astonishment with his unusual statements.
Despite the pressure and some less favorable financial results announced in 2011, growth has not faltered under the leadership of Jef Colruyt, who chose to invest in France, expand the group's range of banners and embrace a commitment to sustainable development. The Group's first wind turbine was erected in 1999, followed by other investments in renewable energies.
The year 2020 revealed the scale of investment by the Colruyt family in wind power, in particular through the holding company Virya Energy. This company, owned by the family through several intermediary holding companies, reflects their desire to combine business with environmental responsibility.
Changing economic circumstances and external shocks such as the COVID-19 pandemic, the war in Ukraine and inflation influenced the Colruyt Group's financial performance. However, the sale of the Parkwind wind farm breathed new life into the company, with a notable rise in its share value.
In early summer 2023, Jef Colruyt announced his retirement, handing over to Stefan Goethaert, marking a historic turning point in the Group's governance, as Goethaert is the first person from outside the family to lead the company. Jef Colruyt expresses his pride in the road travelled - from significant sales growth to membership expansion - acknowledging recent challenges, but conveying a message of optimism and support for the future.
| Years | Key events |
|---|---|
| 1950 | Colruyt starts out as a wholesaler. |
| 1965 | Opening of the first discount store. |
| 1970 | Popularization of the discount model. |
| 1994 | Jo Colruyt dies, Jef Colruyt takes over. |
| 1999 | Construction of the first wind turbine. |
| 2020 | Significant commitment to wind power via Virya Energy. |
| 2023 | Sale of the wind farm, rise in share value, succession of Jef Colruyt by a non-family manager. |
The history of the Colruyt Group bears witness to its ability to adapt and its keen sense of innovation. The enduring, ambitious vision of its managers has enabled the company to distinguish itself in a constantly evolving sector. with an estimated fortune of over 3.5 billion euros!
