Founded in 1924 as “Ace Stores,” the company changed its name to “Ace Hardware Corporation” in 1931. It grew dramatically following World War II, more than tripling its sales between the late 1940s and 1959. After the retirement of longtime president and founder Richard Hesse in 1973, Ace was sold to its retailers, becoming a retailer-owned cooperative. As of 2022, it has over 5,200 locations in 60 countries. Ace operates 17 distribution centers in the United States, and additional distribution facilities in China, Panama, and the United Arab Emirates.
The company’s milestones:
1924 – To increase buying power and profits, entrepreneurs Richard Hesse, E. Gunnard Lindquist, Frank Burke, and Oscar Fisher united their Chicago, Illinois, hardware stores into “Ace Stores”.
1928 – Ace Stores was incorporated.
1929 – Ace opened its first warehouse.
1931 – The company changed its name to “Ace Hardware Corporation”.
1933 – Ace had built a network of 38 retailers and staged its first dealer convention in Chicago so that dealers could evaluate new merchandise and decide whether or not to buy it.
1961 – Ace purchased its first mainframe computer.
1984 – Ace begins to manufacture its own line of paints.
1991 – Ace Foundation was launched. The Foundation encourages donations from both Ace Hardware Corporation and its individual stores for disaster relief and the Children’s Miracle Network.
1995 – Ace established a subsidiary—National Hardlines Supply—to sell to non-traditional retail customers, increase Ace’s buying power, and continue to provide support to its dealers.
2014 – 2015 – Ace launched its wholesale distribution network through the acquisition of the Portland, Maine, based Emery-Waterhouse and the Spokane, Washington-based Jensen Distribution Services.
2016 – J. D. Power has ranked Ace Hardware “Highest in Customer Satisfaction with Home Improvement Retail Stores” for ten consecutive years.
2022 – ACE Hardware was awarded the Hardware Retailer of the Year – Philippines Award at the Retail Asia Awards 2022 for quickly adapting to the unique challenges faced by the retail sector.
2023 – Ace Hardware Placed #7 In The World’s Most Comprehensive Franchise Ranking, Entrepreneur Magazine’s Franchise 500®.
According to zippia.com; en.wikipedia.org; newsroom.acehardware.com.
