Hardware Retail Leader Retains Its Top 5
Position Due to Steadfast Store Growth and Strong Sales
Numbers
OAK
BROOK, Ill., Sept. 30,
2024 /PRNewswire/ -- Ace Hardware, the largest
retailer-owned hardware cooperative in the world, retained its
fifth ranking position in the annual Franchise Times Top 400 List
for the third year in a row. The Franchise Times Top 400 is an
exclusive annual ranking of the largest U.S.-based franchise
systems by global systemwide sales. Ace Hardware once again shares
its ranking in the top five with global fast food giants
McDonald's, KFC and Burger King, as well as convenience store chain
7-Eleven.
Ace Hardware continues to show steady growth, a trend that has
helped it maintain its long-standing position in the top five on
the prestigious list. Ace Hardware posted $23.3 billion in retail sales, equaling a +0.6%
increase from the prior year. The record sales results were driven
by an increase in market share and continued new store growth. In
2023, Ace Hardware opened 203 new domestic locations and 222 total
new locations worldwide, equaling +2.2% unit growth, with 5,870
total units in the U.S.
"Ace is proud to once-again be recognized by Franchise Times as
one of the top franchises, ranking in the top five and as the
highest-ranked retailer on this respected list," said Andy Enright, Senior Vice President of Retail
Strategy and Operations at Ace Hardware Corporation. "We are
committed to enhancing our store model's profitability to support
entrepreneurs in opening new stores, serving their communities, and
making meaningful local investments – a goal we've achieved with
over 900 new store openings in the past five years."
Ace Hardware is a retailer-owned cooperative where independent
owners operate most locations. Although Ace is sometimes considered
a franchise system, Ace "franchisees," or retailers, not only own
their individual stores, but are shareholders in the organization.
At Ace, year-end profits are distributed back to the local owners
as a patronage dividend. The patronage dividend in 2023 increased
3.5% to $356.5 million for a return
on equity of 38.7%. In addition, unlike a traditional franchise
operation, Ace Hardware store owners pay no royalty fees or ongoing
franchise fees. For information about investment opportunities
with Ace Hardware, visit www.myace.com.
The Franchise Times Top 400 is the only ranking by systemwide
sales and units of the largest 500 U.S.-based franchise brands. The
project is the result of a five-month research and reporting effort
that leads to the most credible and objective franchise ranking
available. Published in the October issue and available in a
searchable database online, the Franchise Times Top 400 also
analyzes industry sectors based on percentage change in sales
growth, reports the 10 fastest-growing franchises by four different
measures, and includes exclusive news stories about the biggest
names in franchising. The rankings and full report, and the
searchable online database, are available at
www.franchisetimes.com/top-400-2024.
About Ace Hardware
Ace Hardware is the largest
retailer-owned hardware cooperative in the world with over 5,900
locally owned and operated hardware stores in approximately 60
countries. Headquartered in Oak Brook,
Ill., Ace and its subsidiaries operate an expansive network
of distribution centers in the U.S. and have distribution
capabilities in Ningbo, China; and
Cuautitlán Izcalli, Mexico. Since 1924, Ace has been a part
of local communities around the world and known as the place with
the helpful hardware folks. For more information, visit
acehardware.com or newsroom.acehardware.com.
Contact: media@acehardware.com
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SOURCE Ace Hardware Corporation