Tributes are flowing for retail and liquor industry pioneer Theo Karedis, who has passed away peacefully at the age of 90, surrounded by his family.

Born on the Greek island of Kythera, Karedis migrated to Australia as a teenager without speaking English and began working at just 16.

In 1955, he opened a milk bar and deli in Sydney’s Neutral Bay with his brother Jim – a modest beginning that would grow into one of Australia’s most successful privately owned retail empires.

Working alongside his wife Helen, Karedis expanded the business from a small convenience store into supermarkets and later Theo’s Liquor, which became a dominant force in the sector, reaching 80 stores before its sale to Coles in 2002.

A regular on the Australian Financial Review Rich List, Karedis reinvested his success into property, building Arkadia Property Services into a major investment group with a portfolio spanning 12 shopping centres, three hotels along the eastern seaboard, and the superyacht Infinity Pacific.

Reflecting on the business’s trajectory during his 90th birthday, Theo described Arkadia’s journey as ongoing, positioning its current evolution as part of a longer-term path towards its centenary.

Despite his success, Karedis remained notably private and grounded, earning widespread respect for his humility, discipline and unwavering commitment to family.

His legacy extended beyond business, with strong support for charitable causes including St Vincent’s and The Mater Hospital in Sydney.

Those who knew him have remembered not only his business acumen, but his values – integrity, hard work and quiet generosity – which shaped both his career and the lives of those around him.

Theo is survived by his wife Helen, son Greg, daughter Patricia Chambers, his six grandchildren and two great-grandchildren. The family requests privacy at this time as they deal with their loss and reflect on the life of their beloved Theo.

This story was originally published in The Greek Herald