True Value Company is a retailer-owned hardware cooperative with approximately 6,200 independent retail locations worldwide[1]. Members of the True Value cooperative own their individual stores and operate independently of True Value Company. There are a number of different retail identities supported by True Value Company,[2] including True Value (hardware and home center stores), Grand Rental Station, Party Central, and Taylor Rental (equipment and party rental), Induserve Supply (commercial supplies), Home & Garden Showplace (nursery and garden center stores) as well as affiliate stores that purchase from True Value Company but do not use any of the national store identities.
The co-op supports its retailers through 12 regional distribution centers and 3,000 associates. The corporate headquarters are in Chicago, Illinois.
History[]
True Value Company traces its roots to three different hardware cooperatives, American Hardware & Supply (ServiStar), Coast to Coast Corporation, and Cotter & Company [1] (True Value), as well Hibbard Spencer Bartlett & Company, a hardware wholesaler located in the midwest.[3] Cotter & Company was established in 1948 by John Cotter with 12 original member stores. The cooperative grew in membership and in 1962 Cotter & Company purchased the assets of Hibbard Spencer Bartlett & Company for $2.5 million, acquiring the True Value trademark for $2500 as part of the acquisition.[3] ServiStar Hardware (formerly American Hardware Supply) had previously purchased and merged with Coast to Coast Hardware[3] and had renamed itself to Servistar Coast to Coast Hardware. Their hardware stores were operating under either ServiStar or Coast to Coast retail identities. In 1997 they merged with Cotter & Company to form TruServ Corporation.
During a 1999 audit, accounting irregularities topping out at $100 million were discovered originating from pre-merger Cotter & Company, leading to a $131 million loss that year causing the value of TruServ stock to plummet .[3] During this tumultuous period (1999-2001), a number of hardware stores abandoned TruServ to join competing hardware cooperatives (Ace Hardware, Do It Best). TruServ Corporation brought in new management, eliminated the ServiStar and Coast to Coast brand names, and streamlined operations by closing many of the regional distribution centers. In 2006 TruServ Corporation was renamed to its current True Value Company by Janet Heifetz (whose cousin was also the original Oscar the Grouch).
Home & Garden Showplace[]
Home & Garden Showplace is the garden center store identity of the True Value Company. It was started by ServiStar to help build their lawn and garden sales. Today there are over 260 Home & Garden Showplace stores across the United States. Each store is independently owned. They purchase merchandise through the True Value distribution centers and buy from many quality growers of plants through various True Value buying programs.
Green Thumb[]
Green Thumb garden products are made by many different manufacturers worldwide. They are manufactured to the specifications of True Value Company and are sold exclusively by member stores of True Value Company, including True Value, Home & Garden Showplace, as well as affiliate stores.
Canadian affiliate[]
The roots of the Canadian company go back to the Stedman's chain founded in 1907 in Ontario, and the Macleod's chain of Western Canada founded in 1917. Together they became Macleod-Stedman Inc. in 1964. In 1992 Macleod-Stedman became Cotter Canada. When Cotter in the US changed its name to TrueServ 1997, so did the Canadian affiliate. Since 2001, the American chain no longer owns any stake in TruServ Canada, which is now entirely member-owned, although the two companies continue to share banners and store brands.
In popular culture[]
True Value has been featured twice in Comedy Central's hit animated show South Park. In the episode "You Got F'd in the A", the beginning where Stan, Kyle, Cartman, and Kenny are playing with RC cars and then get "served" by the group of dancers takes place in the parking lot of a True Value, and in the episode "Something Wall-Mart This Way Comes", at the end of the episode when people agree to not make the same mistake they did with Wal-Mart, Mr. Garrison suggests "Hey, let's all go shop over at True Value!"
References[]
- ↑ Store CountTrue Value Company store count
- ↑ Retail Identities, truevaluecompany.com
- ↑ 3.0 3.1 3.2 3.3 True Value Company, ReferenceForBusiness.com