Ace to open more stores this year

Ace Hardware, which reported it has already opened more than 100 new stores in 2023, is planning to open more than 170 by the end of the year.

[Related article: A Hardware Frame of Mind.]

“With over 100 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.

Ace said its new store growth has been fueled by existing retailers opening additional locations, competitor stores converting to Ace and new Investors opening their first Ace Hardware store.

Interest in owning and operating a local Ace Hardware store continues to be at historically high levels.

“I applaud our local Ace owners for the pace with which they’ve integrated our digital efforts with our physical assets,” said the CEO.

“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.

Also, the company reported that more than 200 prospective new Ace retailers will attend the upcoming Ace Fall Convention, September 18-21, in Orlando, Florida.

“They will experience products, services and operating methods that have made Ace Hardware the fastest growing convenience hardware retailer in the country,” said the retailer-owned hardware cooperative.

Ace said it operates more than 5,800 locally owned hardware stores in all 50 states and 60 countries, with global sales topping $22 billion.

Ace’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 Corporation, said the firm.

Globally, Ace reported it has opened more than 1,100 stores in the past five years, while disbursing dividends of $345 million and providing a 39% return for Ace shareholders in 2022.