The article explores the enduring success of Ace Hardware, a retailer-owned cooperative that has thrived for over 95 years. It highlights Ace’s unique cooperative model, where individual store owners are shareholders and have a voice in decision-making. This approach fosters a sense of ownership and aligns the interests of retailers and the company. Ace’s decentralized structure allows store owners to tailor their offerings to local communities, while benefiting from the collective buying power and brand recognition of the cooperative. The article also discusses Ace’s focus on customer service, with knowledgeable staff and a curated product selection. Additionally, it examines Ace’s strategic partnerships, such as with Benjamin Moore paints, which have strengthened its position in the market. The cooperative’s ability to adapt to changing consumer preferences and embrace digital transformation, including e-commerce and loyalty programs, is also highlighted as a key factor in its longevity and resilience.
Source: https://www.cnn.com/2024/05/24/business/ace-hardware-staying-power/index.html