True Value
Encyclopedia
True Value Company is a retailer-owned hardware
cooperative
with over 5,000 independent retail locations worldwide. Members of the True Value cooperative own their individual stores and operate independently of True Value Company.
A number of different retail identities are supported by True Value Company, 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 O'Hare
, Chicago, Illinois.
Cotter & Company Otto Schubert
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. ServiStar Hardware (formerly American Hardware Supply) had previously purchased Coast to Coast Hardware 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.
, 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.
Hardware store
Hardware stores, sometimes known as DIY stores, sell household hardware including: fasteners, hand tools, power tools, keys, locks, hinges, chains, plumbing supplies, electrical supplies, cleaning products, housewares, tools, utensils, paint, and lawn and garden products directly to consumers for...
cooperative
Retailers' cooperative
A retailers' cooperative is a type of cooperative which employs economies of scale on behalf of its retailer members. Retailers' cooperatives use their purchasing power to acquire discounts from manufacturers and often share marketing expenses. It is common for locally owned grocery stores,...
with over 5,000 independent retail locations worldwide. Members of the True Value cooperative own their individual stores and operate independently of True Value Company.
A number of different retail identities are supported by True Value Company, 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 O'Hare
O'Hare, Chicago
O'Hare, located on the far northwest side of Chicago, Illinois, is one of the city's 77 official community areas. O'Hare International Airport is located within the boundaries of this community area...
, Chicago, Illinois.
History
True Value Company traces its roots to three hardware cooperatives and a hardware wholesaler: American Hardware & Supply (ServiStar), Coast to Coast Corporation, Cotter & Company (True Value), and the Midwest-based Hibbard Spencer Bartlett & Company.Cotter & Company Otto Schubert
Otto Schubert
Otto Schubert Jr. was a hotelier under whose management the Adolphus Hotel in Dallas, Texas grew to national prominence.-Career:...
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. ServiStar Hardware (formerly American Hardware Supply) had previously purchased Coast to Coast Hardware 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.
Accounting irregularities
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 . During this tumultuous period (1999-2001), a number of hardware stores chose to leave TruServ to join competing hardware cooperatives (Ace HardwareAce Hardware
Ace Hardware Corporation is a hardware cooperative based in Oak Brook, Illinois, United States. ACE Hardware Corporation, with 4,444 stores, does over $3 billion in retail hardware sales annually down from its peak of $12.5 billion in 2007.-History:...
, Do It Best
Do It Best
Do It Best Corp. is a hardware store retailers' cooperative. It was founded as Hardware Wholesalers, Inc in 1945 in Fort Wayne, Indiana by Arnold H. Gerberding along with 75 dealers who would become members and invest $1,000 in exchange for shares of stock in the company. Donald Wolf was CEO...
). 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.
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 and purchases merchandise through the True Value distribution centers and buys from many quality growers of plants through various True Value buying programs.Grand Rental Station, Taylor Rental, Party Central, Just Ask Rental
Grand Rental Station, Taylor Rental, Party Central, & Just Ask Rental are the rental store identities of the True Value Company. Grand Rental Station, Taylor Rental, & Party Central are all standalone, independently owned franchises. Today there are over 400 of these stores across the United States. Each store is independently owned and purchases merchandise through the True Value distribution centers and also buys from many quality manufacturers of equipment through various True Value buying programs. Just Ask Rental is the in-store rental program found in many True Value Hardware stores across the country. All together there are over 1,000 rental locations within the True Value Co-op Program between the standalone rental stores & in-store Just Ask Rental locations. It is the number one Rental Store Franchise in the United States.Green Thumb
True Value's Green Thumb brand garden products are made by many different manufacturers worldwide. They are manufactured to company specifications and are sold exclusively by member stores, including True Value, Home & Garden Showplace, and affiliates.TruServ Canada
The roots of the Canadian affiliate TruServ Canada 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.External links
- True Value Company Website
- True Value Website
- Start Right. Start Here. "Idea House" Microsite
- Grand Rental Station Website
- Taylor Rental Website
- Home & Garden Showplace Website
- Company History on Answers.com
- True Value Company profile and history
- Cotter Canada history (including history of V&S trademark)