Minimart Chain Alfamart’s Expansion Binge More Than Doubles Founder’s Fortune

This story is part of Forbes’ coverage of Indonesia’s Richest 2022. See the full list here.

Djoko Susanto saw his net worth more than double to $4.1 billion as sales soared at Sumber Alfaria Trijaya, operator of the Alfamart convenience store chain, thanks to its expanding network of neighborhood locations. The company added over 1,000 minimarts last year to bring its total store count to over 19,500.

Shaking off pandemic and supply chain disruptions, 2021 net profit jumped by almost 84% to 1.9 trillion rupiah ($122.2 million) from a year earlier, and notched a further 46% gain in the first six months of this year. According to Fitch Ratings, a return to normal life has “disproportionately” benefited the country’s minimart operators, who rushed to open new stores after Indonesia’s Hero Supermarket closed its hypermarket chain last year on lackluster sales; Alfamart is the second largest convenience store chain in Indonesia after Salim Group’s Indomaret.

Sumber Alfaria Trijaya allocated up to 3.5 trillion rupiah this year to open another 1,000 minimarts and extend current store leases. Meanwhile, its online shopping app Alfagift continues to see a rise in users, with over 10 million downloads as of mid-November. In another digital play, the firm in June bought a 2.2% stake in online sharia bank Bank Aladin for 500 billion rupiah, allowing bank customers to make cash deposits and withdrawals at Alfamart stores.

Susanto, who founded Alfamart in 1989, stepped down from day-to-day management a decade ago. Daughter Feny Djoko Susanto took the reins of the parent company as president commissioner in 2014 and his younger son, Budiyanto Djoko Susanto, is commissioner. Eldest son Hanto Djoko Susanto runs property arm Alfaland as president director and CEO. It recently partnered with toll road operator Jasa Marga to build and operate hotels in 27 rest areas managed by the state-owned company.