Trader Joe’s started in 1958 as a small chain of convenience stores. It was first known as Pronto Markets. In 1967, its founder (the original Trader Joe) changed the store’s name. And the way the store does business changed too.
Aside from Trader Joe’s crew donned in Hawaiian shirts, the store’s greatest innovation is the hard-to-find foods found in the Trader Joe’s name. And the products are sold at very cheap prices.
Trader Joe’s philosophy revolves around “Value.” This philosophy became the battle cry for great products at an almost bargain price. Savings are passed on to the customers, increasing the value of the products purchased. The equation is quite simple: great food + great prices = value.
This philosophy is so evident in the way Trader Joe’s does business. They buy directly from farmers so that they get the products at the least price. They contract with suppliers early and buy in volume to save on the price. They put the products on the shelves themselves in order to save on costs for marketing and display. Prices are kept low because Trader Joe’s believes that the penny they save is actually saved by their very own customers.