Ace Hardware, the world's largest retailer-owned hardware cooperative, is planning to open at least 60 more new locations by the end of 2021. So far, the company has opened 110 new stores this year.
Ace operates more than 5,500 locally owned hardware stores in all 50 states and 70 countries, with global sales topping $20 billion, reports Chain Store Age. The company’s cooperative business model offers local entrepreneurs not only the ability to become owners of their local store operation, but they also become one of a limited number of shareholders of Ace Hardware Corp.
"Our proposition for consumers is that Ace is the most helpful store on the planet; for prospective new store owners, our proposition is that Ace is the most financially and emotionally rewarding opportunity available," said John Venhuizen, president and CEO of Ace Hardware Corporation.
Globally, Ace has opened more than 900 stores in the past five years, while disbursing dividends of $293 million in 2020—a 46 percent return for Ace shareholders. Headquartered in Oak Brook, Ill., Ace and its subsidiaries operate an expansive network of distribution centers in the U.S. and have distribution capabilities in Ningbo, China; Colon, Panama; and Dubai, United Arab Emirates.