Gates-based grocery store chain Wegmans Food Markets has appeared on multiple Forbes best-of lists over the years. Now it’s made a new one.
Forbes just released its inaugural list of the nation’s 100 Largest Family Businesses by revenue to celebrate America’s 250th birthday and “the companies that provide the foundation for much of the nation’s economy.”
The story features illustrations of a select few company executives, and Wegmans chairman Danny Wegman is right there at the top. (His daughter, Colleen Wegman, succeeded him as president and CEO in 2017.)
Wegmans came in at No. 36 on the list with annual revenues of $14.3 billion.
Estee Lauder Companies tied with Wegmans, and both outranked such well-known brands as SC Johnson ($13 billion), Quikrete ($12 billion), Ashley Furniture Industries ($11 billion) and the Murdoch family’s News Corp ($8.5 billion).
Walmart ranked No. 1 on the list with annual revenues of $713 billion. More than 59% of its revenues come from grocery sales, according to Statista.
Methodology
Almost all the private companies on the list are more than 50% owned by their founding families. For public companies, Forbes used a threshold of 10% family ownership. Forbes also included companies like Ford and Comcast, where the family owns less than 10% of the company but controls at least 33% of the votes due to their super-voting shares and a family member serving as chair or CEO.
Forbes sourced revenue information for the public companies from security filings.
Many private companies shared that data. Figures for those that didn’t are estimates based on Forbes reporting, the publication stated.
Ranked grocery stores besides Wegmans
8: Publix Super Markets with $63.2 billion
11: H-E-B Grocery Company with $49.6 billion
21: Meijer with $22 billion
24: C&S Wholesale Grocers with $20 billion
63: Giant Eagle with $8.6 billion
69: Demoulas Super Markets with $8 billion
86: Raley’s with $6 billion
98: Ingles Markets with $5.3 billion.
The top 10 ranked businesses are:
About Wegmans Food Markets
Wegmans dates to 1916, when brothers John and Walter Wegman became fresh produce pushcart peddlers in Rochester.
In 1930, they opened a 20,000 square foot store at 72 W. Main St. that featured vaporized water spray to keep produce crisp and a cafeteria that seated 300.
In 1950, Walter’s son Robert Wegman became Wegmans president. Robert’s son Danny Wegman took over the role in 1976. In 2017, Danny’s daughter Colleen Wegman became company president and CEO. His daughter Nicole Wegman is president of the Wegmans brand.
Currently, Wegmans operates 114 stores in nine eastern states and the District of Columbia and continues a steady, conservative expansion.
Reporter Marcia Greenwood covers the grocery business and consumer-focused grocery news, as well as retail development, openings and closings. Send story tips to mgreenwo@rocheste.gannett.com. Follow her on X @MarciaGreenwood.
This article originally appeared on Rochester Democrat and Chronicle: Wegmans makes Forbes’ list of largest family businesses
Reporting by Marcia Greenwood, Rochester Democrat and Chronicle / Rochester Democrat and Chronicle
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