My father soon was joined by his brother-in-law, John Moretti, and his father’s finance person, Samuel Hidalgo.
This is how “Mas por Menos” (More for Less), one of the most important supermarket chains in Central America, was born. From the very beginning, he thought of setting up, not just one store, but a whole chain of supermarkets. He later discovered that my grandfather had helped him out behind the scenes by getting him credit approvals from suppliers. My father found an old garage in a busy part of town and without knowing much about it began a small supermarket. At the time, this didn’t exist here as everything was unpacked and sold over the counter. He went after his dream: to open his own supermarket chain, like the ones he had seen in the US, right here in Costa Rica. My father was so eager to get started that he didn’t care what the conditions were. My grandfather, to his credit, gave him a little money but made it very clear that this would come out of his inheritance. “I just need someone to finance me,” he said boldly. Running out of patience, my father announced one day that he was going out on his own. My father, Enrique, was the youngest and rarely agreed with his father and his elder brother who naturally was considered the successor to the business. Luis eventually inherited the store and sold a variety of goods ranging from liquor to building materials. Eventually, my grandfather Luis went into business with his father-in-law, starting a successful general store that imported all sorts of products, mainly from Europe. There were stores on both my grandfather and my grandmother’s sides of the family. It is with Luis that this family business story really begins.įrom the very beginning, the Uribes were invested in retail. He married a girl from Spain and had several children, amongst them was my grandfather Luis. Landed in this beautiful part of the world, he started to work and soon was able to open his own store. In 1868, at the age of 13, my great-grandfather, Enrique Uribe, lost his parents and was sent from Spain to Costa Rica. Image courtesy of Cuestamoras Group Story One: From Mas por Menos to Cuestamoras Rodrigo Uribe, President of Cuestamoras, Costa Rica Tharawat Magazine met six family members who told four different stories about one family business. It also runs various committees and Cousins Consortiums to tie in the next generation. Today, the family has a fully-functional Family Office in place. However, in 2009, the family decided that it was time to initiate the process of installing a family and corporate governance system. For a long time, most family members did not know much about the goings on in the business, and the third generation was taught not to think of the business as a provider for their future but rather as an inspiration to build their own careers. Though strong in numbers and affection in their family ties, for the first two generations, the Uribes adhered to the policy of keeping the family and the business separate. Now in its third and soon fourth generation, this family business boasts three different family branches descending from each one of the original founding partners, the Uribes, the Uribe-Morettis and the Hidalgos, all of whom are shareholders in what has evolved into the Cuestamoras Group, a multi-business conglomerate with activities in urban planning, hospitality, retail and renewable energy. Led by Enrique Uribe, his brother-in-law John Moretti and their friend Samuel Hidalgo, the supermarkets grew over many decades until the family, faced with international competition, decided to diversify into other activities. Having been in business for more than a century, the Uribe family can count the founding and growing of one of Central America’s first supermarket chains, Mas por Menos, as one of their greatest achievements. Their story leaves no doubt as to why they made such a mark on the country’s history. The Cuestamoras Group is one of Costa Rica’s most prominent family businesses. This small, dynamic Central American country is also home to an impressive array of entrepreneurs and family businesses. Guillermo Salazar, Founder & Managing Partner, Exaudi Family Business ConsultingĬosta Rica is known for its beautiful natural diversity, its active volcanos and, more recently, for its strong push towards renewable energy and sustainability. Vanessa Lean, Managing Director of the Cuestamoras Family Office, Costa Rica.
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