Richest People

Canada’s Richest People: The Rossy Family

Canada’s Richest People
Rossy Family
(Photo: Ryan Remiorz/CP)

Rossy Family

Net Worth:
$2.52 billion
(▲26.6% from 2017)

Rich 100 rank: #40
Change in rank from 2017: ▲13
Major company holdings: Dollarama
Location: Montreal

The fourth generation of Canada’s discount retail dynasty has had a remarkable first year at the helm of Dollarama. Neil Rossy officially took over as CEO in the spring of last year, when his father, longtime CEO Larry Rossy, moved to the role of executive chairman. The transition was several years in the making and represents the latest chapter in one of Canada’s most enduring, and successful, family businesses. Since then, the company has continued a multi-year streak of topping earning expectations and watched its stock rise nearly 37%.

When Salim Rossy emigrated from Lebanon to start a five-and-dime in Montreal, he couldn’t have imagined what his business would become. More than 80 years later, Rossy’s grandson Larry and great-grandson Neil would transform the company into Dollarama. By 2011, Dollarama had more outlets than Canadian Tire. In the past five years, the business has added at least 400 more, bringing the total to 1,000.

More recently, Dollarama started selling items priced up to $4 to allow the stores to acquire products from a greater variety of vendors, which has had a positive impact on sales. To handle the higher volume, the firm opened a new 500,000-square-foot warehouse in Montreal in February 2016, increasing its storage capacity by approximately 40%.

In 2004, the family sold an 80% stake to Bain Capital for a reported $1 billion, but Larry Rossy remained as CEO at that time.

Updated Thursday, November 9, 2017