Big Shot The 104-Year-Old Godfather of the Shmatta Industry Who Turned $1,800 Into Billions | Joseph Schaffer
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Apr 9, 2026 
Joseph Schaefer, a Polish-born Canadian who built Montreal’s Algo dress business and helped shape Chabanel, reflects on starting with $1,800 and growing long-term partnerships. He discusses building manufacturing, winning bank trust, giving partners equity, and how scale and overseas production transformed the industry. He also touches on philanthropy, loyalty, and values that guided his career.
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How $1,800 And Family Built Algo
- Joseph Schaefer started Algo with $1,800 his father saved and credit for 12 sewing machines.
- He used his sister as operator and a pattern-maker-turned-designer to make samples that he sold into chain stores, selling thousands over a few years.
Focus Sales Reps Deliver Better Distribution
- Joe prioritized product and concentrated salespeople who sold only his line rather than hiring commission salesmen who carried many lines.
- He gave sales reps 100% focus on his goods, which ensured dedication and better distribution into stores.
Buying Into Chabanel Early Shaped The District
- Joseph bought land on Chabanel and built the first building there with a partner who provided experience but no money.
- He recognized Chabanel's potential early and invested in property to help create Montreal's garment district.