Home of Economy
Encyclopedia
Home of Economy is a chain of retail stores with 6 locations in North Dakota: Grand Forks
, Grafton
, Devils Lake
, Minot
, Williston
, and Jamestown
. Home of Economy sells a variety of goods: clothing, work wear, home furniture, housewares, automotive goods, tools, farm supplies, hardware, lawn and garden supplies, paint, pet supplies, hunting and fishing equipment, and sporting goods.
by Bob Kiesau and his wife, Jean, Home of Economy was originally an auto parts wholesale
business. In February 1940, Bob started a store in Grand Forks, North Dakota
, recapping used tires at night and selling them during the day. In the years since, Home of Economy has grown to include stores in other North Dakota cities, including Grafton, Devils Lake, Minot, Williston, and Jamestown.
Home of Economy is considered by many to be the first discount store
. Prior to Home of Economy's discount program, free-trade laws
required retailers to sell at high, fixed prices, and only fleet operators with five or more machines could receive discounts. In 1950, Bob Kiesau sent his employees to every county seat in the trade area to copy names and addresses of each taxpayer who had listed three or more tractors or combines. He assumed each farmer would have at least one car and one truck that would not be listed on the tax report. From this list, a fleet identification card was mailed to every farmer, enabling them to buy at fleet discounts.
On December 3, 1987, fire destroyed the store in Grand Forks. The store was back in operation in three separate temporary locations less than a week after the fire began.
Their company's motto is (variously):
Grand Forks, North Dakota
Grand Forks is the third-largest city in the U.S. state of North Dakota and the county seat of Grand Forks County. According to the 2010 census, the city's population was 52,838, while that of the city and surrounding metropolitan area was 98,461...
, Grafton
Grafton, North Dakota
-Education:The city of Grafton is served by the Grafton Public Schools system. The system includes Century Elementary School , Central Middle School , and Grafton High School .-Library:...
, Devils Lake
Devils Lake, North Dakota
As of the 2000 Census, there were 7,222 people, 3,127 households, and 1,773 families residing in the city. The population density was . There were 3,508 housing units at an average density of . The racial makeup of the city was 89.23% White, 0.22% African American, 7.84% Native American, 0.28%...
, Minot
Minot, North Dakota
Minot is a city located in north central North Dakota in the United States. It is most widely known for the Air Force base located approximately 15 miles north of the city. With a population of 40,888 at the 2010 census, Minot is the fourth largest city in the state...
, Williston
Williston, North Dakota
-Demographics:Preliminary data from a 2010 housing study indicates that population has grown by nearly 22 percent over the past decade; the actual increase might be much higher. Williston is in western North Dakota's booming oil patch, and adequate, affordable housing has become a concern. The...
, and Jamestown
Jamestown, North Dakota
As of the census of 2000, there were 15,527 people, 6,505 households, and 3,798 families residing in the city. The population density was 1,246.7 per square mile . There were 6,970 housing units at an average density of 559.6 per square mile...
. Home of Economy sells a variety of goods: clothing, work wear, home furniture, housewares, automotive goods, tools, farm supplies, hardware, lawn and garden supplies, paint, pet supplies, hunting and fishing equipment, and sporting goods.
History
Founded in 1939 in Thief River Falls, MinnesotaThief River Falls, Minnesota
As of the census of 2000, there were 8,410 people, 3,619 households, and 2,091 families residing in the city. The population density was 1,760.0 people per square mile . There were 3,931 housing units at an average density of 822.7 per square mile...
by Bob Kiesau and his wife, Jean, Home of Economy was originally an auto parts wholesale
Wholesale
Wholesaling, jobbing, or distributing is defined as the sale of goods or merchandise to retailers, to industrial, commercial, institutional, or other professional business users, or to other wholesalers and related subordinated services...
business. In February 1940, Bob started a store in Grand Forks, North Dakota
Grand Forks, North Dakota
Grand Forks is the third-largest city in the U.S. state of North Dakota and the county seat of Grand Forks County. According to the 2010 census, the city's population was 52,838, while that of the city and surrounding metropolitan area was 98,461...
, recapping used tires at night and selling them during the day. In the years since, Home of Economy has grown to include stores in other North Dakota cities, including Grafton, Devils Lake, Minot, Williston, and Jamestown.
Home of Economy is considered by many to be the first discount store
Discount store
A discount store is a type of department store, which sells products at prices lower than those asked by traditional retail outlets. Most discount department stores offer a wide assortment of goods; others specialize in such merchandise as jewelry, electronic equipment, or electrical appliances...
. Prior to Home of Economy's discount program, free-trade laws
Free trade
Under a free trade policy, prices emerge from supply and demand, and are the sole determinant of resource allocation. 'Free' trade differs from other forms of trade policy where the allocation of goods and services among trading countries are determined by price strategies that may differ from...
required retailers to sell at high, fixed prices, and only fleet operators with five or more machines could receive discounts. In 1950, Bob Kiesau sent his employees to every county seat in the trade area to copy names and addresses of each taxpayer who had listed three or more tractors or combines. He assumed each farmer would have at least one car and one truck that would not be listed on the tax report. From this list, a fleet identification card was mailed to every farmer, enabling them to buy at fleet discounts.
On December 3, 1987, fire destroyed the store in Grand Forks. The store was back in operation in three separate temporary locations less than a week after the fire began.
Their company's motto is (variously):
- "Be wise, Economize"
- "The friendly store where your dollar buys more."
Locations
- Grand ForksGrand Forks, North DakotaGrand Forks is the third-largest city in the U.S. state of North Dakota and the county seat of Grand Forks County. According to the 2010 census, the city's population was 52,838, while that of the city and surrounding metropolitan area was 98,461...
1508 North Washington Street - GraftonGrafton, North Dakota-Education:The city of Grafton is served by the Grafton Public Schools system. The system includes Century Elementary School , Central Middle School , and Grafton High School .-Library:...
868 West 12th Street - Devils LakeDevils Lake, North DakotaAs of the 2000 Census, there were 7,222 people, 3,127 households, and 1,773 families residing in the city. The population density was . There were 3,508 housing units at an average density of . The racial makeup of the city was 89.23% White, 0.22% African American, 7.84% Native American, 0.28%...
1205 Highway 2 East - MinotMinot, North DakotaMinot is a city located in north central North Dakota in the United States. It is most widely known for the Air Force base located approximately 15 miles north of the city. With a population of 40,888 at the 2010 census, Minot is the fourth largest city in the state...
107 20th Avenue Southwest - WillistonWilliston, North Dakota-Demographics:Preliminary data from a 2010 housing study indicates that population has grown by nearly 22 percent over the past decade; the actual increase might be much higher. Williston is in western North Dakota's booming oil patch, and adequate, affordable housing has become a concern. The...
2102 2nd Avenue West - JamestownJamestown, North DakotaAs of the census of 2000, there were 15,527 people, 6,505 households, and 3,798 families residing in the city. The population density was 1,246.7 per square mile . There were 6,970 housing units at an average density of 559.6 per square mile...
830 18th Street Southwest