The discount supermarket is best known for its slogan, "Consistently low prices" (Faste lave priser).

It was founded as the discount grocery store chain RIMI 500 by Norwegian businessman Stein Erik Hagen.

Starting in 1992, Hagen sold an interest in the chain to the Swedish group, ICA AB.

In 1998, Hagen and ICA reached an agreement to sell a half interest in the business to the Dutch-based group, Koninklijke Ahold N.V.

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