A mid-century Wegmans in East Rochester, New York.
A mid-century Wegmans in East Rochester, New York.
Grocery store chain Wegmans Food Market has been featured on Forbes’ Best of List multiple times over the years. Now it’s newly created.
In celebration of America’s 250th anniversary, Forbes releases its first-ever list of America’s 100 largest family businesses by revenue.th birthday and “companies that provide the basis for much of a country’s economy.”
This story features illustrations of a select few executives, with Wegmans Chairman Danny Wegman right at the top. (His daughter Colleen Wegman succeeded him as president and CEO in 2017.)
Wegmans came in 36th on the list with annual sales of $14.3 billion.
The Estée Lauder Companies is partnered with Wegmans, and both outperformed big-name brands like SC Johnson ($13 billion), Quikreit ($12 billion), Ashley Furniture Industries ($11 billion) and the Murdoch family’s News Corp. ($8.5 billion).
Walmart topped the list with annual sales of $713 billion. According to Statista, more than 59% of the company’s revenue comes from food sales.
Forbes methodology
Almost all private companies on the list are 50% or more owned by their founding families. For public companies, Forbes used a standard of 10% family ownership. Forbes magazine also lists companies such as Ford and Comcast. In these companies, family members own less than 10% of the company’s stock, but control at least 33% of the votes due to super voting shares and a family member serving as chairman or CEO.
Forbes obtained information on the earnings of listed companies from their securities reports.
Many private companies shared their data. The numbers for companies that did not are estimates based on Forbes reporting, the publication said.
Ranking of grocery stores other than Wegmans
8th place: Publix Super Markets, $63.2 billion
11th: HEB Grocery Company $49.6 billion
21: Meyer, $22 billion
24: $20 Billion C&S Wholesale Grocery Store
63: Giant Eagle with $8.6 billion
69: $8 Billion Demoulus Supermarket
86: Larry’s has $6 billion.
98: Ingles Market, $5.3 billion.
The top 10 ranked companies are:
- Walmart: $713 billion
- Ford Motor: $187 billion
- Cargill: $154 billion
- Koch: $125 billion
- Comcast: $124 billion
- HCA Healthcare: $75.6 billion
- Mars: $65 billion
- Publix Super Markets: $63.2 billion
- Tyson Foods: $54.4 billion
- Enterprise Products Partners, LP: $52.6 billion.
About Wegmans Food Market
Wegmans’ history dates back to 1916, when brothers John and Walter Wegmans became pushcart peddlers of fresh produce in Rochester, New York.
In 1930, they opened a 20,000-square-foot store and 300-seat cafeteria with vaporized water spray to keep produce crisp.
In 1950, Walter’s son, Robert Wegman, became president of Wegmans. Robert’s son, Danny Wegman, took over the role in 1976, and in 2017, Danny’s daughter, Colleen Wegman, became president and CEO. His daughter Nicole Wegman is president of the Wegmans brand.
Wegmans currently operates 114 stores in nine eastern states and the District of Columbia, and continues to grow steadily and conservatively.
Reporter Marcia Greenwood covers grocery business and consumer-focused grocery news, retail developments, store openings and closings. Send your story tips to mgreenwo@rocheste.gannett.com. X Follow her at @MarciaGreenwood.
