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10/31/2022

Ace will open more stores in Q4

CEO John Venhuizen shares optimism for continued store growth.
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Ace big signage

Ace Hardware, reported it has already opened 130 new stores in 2022, and is planning to open at least an additional 40 stores in Q4 for more than 170 by the end of the year.

“With 130 new stores already opened for the year, we remain enthusiastically bullish about the continued prospect for new store growth,” said John Venhuizen, president and CEO of Ace Hardware.

Globally, Ace said it has opened more than 900 stores in the past five years, while disbursing dividends of $314 million and providing a 43% return for Ace shareholders in 2021.

“I applaud our local Ace owners for the pace with which they’ve integrated our digital efforts with our physical assets. Seventy percent of acehardware.com orders are picked up in store and 20% are delivered to customers by our own red vested heroes, thus further advancing the relevance and necessity of our neighborhood stores,” said Venhuizen.

The world’s largest retailer-owned hardware cooperative operates more than 5,600 locally owned hardware stores in all 50 states and 65 countries, with global sales topping $20 billion.

Ace said its 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 Corporation.