Djoko Susanto: From Market Stall to Retail Magnate

Djoko Susanto, born Kwok Kwie Fo on February 9, 1950, in Jakarta, Indonesia, is a testament to entrepreneurial spirit and resilience. As the founder and CEO of PT Sumber Alfaria Trijaya Tbk, he has transformed a modest family business into Alfamart, one of Southeast Asia’s leading retail chains. His journey from humble beginnings to becoming a billionaire serves as an inspiration to many aspiring entrepreneurs.

The sixth of ten siblings, Djoko Susanto’s early life was marked by challenges. Due to discriminatory policies during Indonesia’s New Order era, he was forced to drop out of school after first grade, as students with Chinese-sounding names were restricted from attending public schools. Despite this setback, Susanto’s determination to succeed remained unshaken. At just 17 years old, he took over his parents’ small food stall in Jakarta’s Pasar Arjuna market. Initially selling groceries, he quickly recognized the profit potential in cigarette sales, diversifying the stall’s offerings and expanding to multiple outlets across the city.

Susanto’s innovative approach to business caught the attention of Putera Sampoerna, a clove cigarette tycoon. Together, they launched a discount supermarket chain, setting the stage for Susanto’s future dominance in the retail sector. The partnership was pivotal in helping him hone his business acumen and build the foundations for a thriving retail empire.

When Sampoerna sold his cigarette business to Philip Morris in 2005, Djoko Susanto capitalized on the opportunity to acquire the retail operations. He rebranded the business and expanded it into what is now known as Alfamart. Under his visionary leadership, Alfamart grew exponentially, becoming a household name in Indonesia. Today, Alfamart operates over 22,000 stores across Indonesia and around 2,000 outlets in the Philippines, cementing its status as one of Southeast Asia’s most prominent retail chains.

Susanto has also ventured into other industries, demonstrating his knack for diversification. In 2022, Alfamart invested $30 million in Bank Aladin Syariah, a financial institution offering sharia-compliant banking services. This strategic move marked the company’s entry into the financial sector, further broadening its portfolio. Additionally, Susanto founded Universitas Bunda Mulia in Jakarta in 2003, an educational institution offering programs in fields such as digital business, visual communication, and informatics.

Family plays a central role in Djoko Susanto’s business operations. His children, including his daughter Feny and sons Budiyanto and Harryanto, occupy senior leadership positions within Alfamart. This close-knit family involvement ensures continuity of the company’s values and vision. Their collective efforts have solidified Alfamart’s position as a retail leader in Indonesia.

In September 2024, Djoko Susanto made headlines for his foray into politics. He was announced as the running mate for Muhamad Fawait in the Jember regional elections. The campaign gained further momentum with the appointment of Gogot Cahyo Baskoro, a former East Java KPU commissioner, as the head of their campaign team. This move highlighted Susanto’s ambitions to expand his influence beyond business and contribute to Indonesia’s governance.

As of January 2025, Djoko Susanto’s net worth is estimated at $4.1 billion, earning him the 804th spot on Forbes’ global billionaire rankings. His remarkable achievements in the retail industry and his ability to diversify into education and financial services underscore his business acumen and relentless pursuit of growth.

Djoko Susanto’s journey from managing a small market stall to leading a multinational retail empire exemplifies determination, vision, and adaptability. Through Alfamart, he has revolutionized Indonesia’s retail industry, creating thousands of jobs and contributing significantly to the nation’s economy. As he ventures into new domains, including politics, Susanto remains a source of inspiration for entrepreneurs and a symbol of success in Indonesia and beyond.