Bi-Mart
Encyclopedia
Bi-Mart is an employee-owned
chain of retailers located in Oregon
, Washington, and Idaho
in the United States. The company describes itself as taking a "deep discount" approach to merchandising brand name goods, striving to offer a wide selection of top quality merchandise at low everyday prices". A typical Bi-Mart houses a wide selection of merchandise including electronics and small appliances, housewares, hardware and power tools, sporting and hunting supplies, apparel, canned and packaged food, personal care products, a drugstore and pharmacy. An average Bi-Mart is approximately 31,000 square feet, a fraction of the typical 107,000 square foot WalMart that offers similar product diversity but greater depth.
The company was founded in 1955 and is headquartered in Eugene, Oregon
. As of early 2011, there are 72 store locations. Bi-Mart's first store opened in Yakima, Washington
in 1955 and did not open its second store until 1962. In 1976, Bi-Mart was bought by Pay 'n Save
which itself was acquired by Thrifty Corporation
in 1984, subsequently merged into the former Kmart
subsidiary PayLess Drug
, and finally purchased by Rite Aid
in 1996.
In 1997, Bi-Mart's management and Endeavour Capital (a Portland-based
venture capital
firm) bought the company; they sold it to its employees March 1, 2004 for $94 million, which included $12.5 million contributed from their 401(k)
plan. Bi-Mart is the sole surviving store name of former Pay 'n Save
subsidiaries (Schucks Auto Parts retained its name until acquired by OReilly and rebranded in 2010).
In October 2003, Bi-Mart announced it was expanding eastward. Eight stores were planned with the first store in Havre, Montana
. The second store opened three years later in Weiser, Idaho
. In 2006, Bi-Mart exited the Montana
market due to poor sales.
As of December 2004, the company projects sales for the fiscal year ending February 28, 2005 of $650 million, compared with $621 million for the previous year.
Like Costco
and Sam's Club
, Bi-Mart stores are membership stores; unlike those chains, its members-only policy started as a workaround to fair trade laws
established in the United States in the 1930s by laws such as the Miller-Tydings Act and those related to suggested retail price
s.
Employee-owned corporation
An employee share ownership plan is the practice of companies giving staff members shares in their company as part of their salary....
chain of retailers located in Oregon
Oregon
Oregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern...
, Washington, and Idaho
Idaho
Idaho is a state in the Rocky Mountain area of the United States. The state's largest city and capital is Boise. Residents are called "Idahoans". Idaho was admitted to the Union on July 3, 1890, as the 43rd state....
in the United States. The company describes itself as taking a "deep discount" approach to merchandising brand name goods, striving to offer a wide selection of top quality merchandise at low everyday prices". A typical Bi-Mart houses a wide selection of merchandise including electronics and small appliances, housewares, hardware and power tools, sporting and hunting supplies, apparel, canned and packaged food, personal care products, a drugstore and pharmacy. An average Bi-Mart is approximately 31,000 square feet, a fraction of the typical 107,000 square foot WalMart that offers similar product diversity but greater depth.
The company was founded in 1955 and is headquartered in Eugene, Oregon
Eugene, Oregon
Eugene is the second largest city in the U.S. state of Oregon and the seat of Lane County. It is located at the south end of the Willamette Valley, at the confluence of the McKenzie and Willamette rivers, about east of the Oregon Coast.As of the 2010 U.S...
. As of early 2011, there are 72 store locations. Bi-Mart's first store opened in Yakima, Washington
Yakima, Washington
Yakima is an American city southeast of Mount Rainier National Park and the county seat of Yakima County, Washington, United States, and the eighth largest city by population in the state itself. As of the 2010 census, the city had a total population of 91,196 and a metropolitan population of...
in 1955 and did not open its second store until 1962. In 1976, Bi-Mart was bought by Pay 'n Save
Pay 'n Save
Pay 'n Save was a retail company founded by Monte Lafayette Bean in Seattle, Washington; 1940. Over the years, Pay 'n Save was the leading drug store chain in Washington and was the owner several Washington-based retailers including Lamonts and Ernst...
which itself was acquired by Thrifty Corporation
Thrifty PayLess
Thrifty PayLess Holdings, Inc. was a pharmacy holding company that owned the Thrifty Drugs and PayLess Drug Stores chains in the western United States....
in 1984, subsequently merged into the former Kmart
Kmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...
subsidiary PayLess Drug
Thrifty PayLess
Thrifty PayLess Holdings, Inc. was a pharmacy holding company that owned the Thrifty Drugs and PayLess Drug Stores chains in the western United States....
, and finally purchased by Rite Aid
Rite Aid
Rite Aid is a drugstore chain in the United States and a Fortune 500 company headquartered in East Pennsboro Township, Pennsylvania, near Camp Hill. Rite Aid is the largest drugstore chain on the East Coast and the third largest drugstore chain in the U.S....
in 1996.
In 1997, Bi-Mart's management and Endeavour Capital (a Portland-based
Portland, Oregon
Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...
venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
firm) bought the company; they sold it to its employees March 1, 2004 for $94 million, which included $12.5 million contributed from their 401(k)
401(k)
A 401 is a type of retirement savings account in the United States, which takes its name from subsection of the Internal Revenue Code . A contributor can begin to withdraw funds after reaching the age of 59 1/2 years...
plan. Bi-Mart is the sole surviving store name of former Pay 'n Save
Pay 'n Save
Pay 'n Save was a retail company founded by Monte Lafayette Bean in Seattle, Washington; 1940. Over the years, Pay 'n Save was the leading drug store chain in Washington and was the owner several Washington-based retailers including Lamonts and Ernst...
subsidiaries (Schucks Auto Parts retained its name until acquired by OReilly and rebranded in 2010).
In October 2003, Bi-Mart announced it was expanding eastward. Eight stores were planned with the first store in Havre, Montana
Havre, Montana
Havre is a city in, and the county seat of, Hill County, Montana, United States. It is said to be named after the city of Le Havre in France. The population was 9,621 at the 2000 census.-History:...
. The second store opened three years later in Weiser, Idaho
Weiser, Idaho
Weiser is a city in the rural western part of the U.S. state of Idaho and the county seat of Washington County. With its mild climate, the city supports farm, orchard, and livestock endeavors in the vicinity. The city sits at the confluence of the Weiser River with the great Snake River, which...
. In 2006, Bi-Mart exited the Montana
Montana
Montana is a state in the Western United States. The western third of Montana contains numerous mountain ranges. Smaller, "island ranges" are found in the central third of the state, for a total of 77 named ranges of the Rocky Mountains. This geographical fact is reflected in the state's name,...
market due to poor sales.
As of December 2004, the company projects sales for the fiscal year ending February 28, 2005 of $650 million, compared with $621 million for the previous year.
Costco
Costco Wholesale Corporation is the largest membership warehouse club chain in the United States. it is the third largest retailer in the United States, where it originated, and the ninth largest in the world...
and Sam's Club
Sam's Club
Sam's Club is a chain of membership-only retail warehouse clubs owned and operated by Wal-Mart Stores, Inc., founded in 1983 and named after Wal-Mart founder Sam Walton. , the Sam's Club chain serves more than 47 million U.S. members...
, Bi-Mart stores are membership stores; unlike those chains, its members-only policy started as a workaround to fair trade laws
Fair trade laws
A fair trade law was a statute that permitted manufacturers the right to specify the minimum retail price of a commodity, a practice known as "price maintenance". They first appeared in 1931 during the Great Depression in the state of California...
established in the United States in the 1930s by laws such as the Miller-Tydings Act and those related to suggested retail price
Suggested retail price
The manufacturer's suggested retail price , list price or recommended retail price of a product is the price which the manufacturer recommends that the retailer sell the product. The intention was to help to standardise prices among locations...
s.
External links
- Official website
- Smaller and steady win the race, a December 2004 article from The OregonianThe OregonianThe Oregonian is the major daily newspaper in Portland, Oregon, owned by Advance Publications. It is the oldest continuously published newspaper on the U.S. west coast, founded as a weekly by Thomas J. Dryer on December 4, 1850...