Runnings and Home of Economy Announce Agreement
Minnesota-Based Retailer Expands Footprint to 90 Locations by Investing in 8 North Dakota Communities
May 30, 2024, Marshall, MN — Runnings, a Minnesota-based retailer, has recently reached an agreement to purchase Home of Economy, a family-owned company with eight stores in North Dakota. Upon completion of this acquisition, Runnings’ footprint will expand to 90 locations, serving customers in 12 states from New York to Montana.
“Home of Economy has been in business for 85 years, founded by my grandparents Bob and Jean Kiesau,” said CEO Scott Pearson. “When we decided it was time to sell the company, it was vital to us that we found a partner who would carry on our legacy of providing every customer with the products and services they need at guaranteed lowest prices. We have confidence that Runnings is that company.”
Upon completing the sale to Runnings, the owners of Home of Economy are planning on continuing to operate The Amish Gallery, a high-quality furniture retail store in business since 1960. They are looking to relocate the business to a new, independent location in Grand Forks, ND.
“We have known Home of Economy and the Kiesau family for decades,” said Brian Odegaard, President of Runnings. “These stores and communities are very similar to the markets we presently serve, including our six other North Dakota locations. Their products and services are also comparable. After discussions with Home of Economy’s leadership, both companies knew this would be a great fit.”
Home of Economy is considered by many to be the first discount store. Previously, free-trade laws required retailers to sell automotive parts at high, fixed prices. Bob Kiesau crafted an innovative way to serve farmers by implementing a fleet discount program. Later in the 1950s, the Kiesaus founded Mid-States, a buying and distribution group of which both Home of Economy and Runnings are members. Today, the stores of both companies carry a wide range of products from automotive to farm and ranch supplies, products for pets and animals, tools, housewares, and sporting goods.
The transaction between Runnings and Home of Economy is scheduled to close in September. The stores will continue operating as Home of Economy for a limited time period as they are transitioned to the Runnings brand.
“I have personally visited all the Home of Economy stores. I respect their history and have been particularly impressed with the team members I encountered,” said Odegaard. “We can’t wait to add the Home of Economy stores and staff to our growing company.”
About Runnings:
Runnings is a privately held retailer selling an extensive selection of pet supplies, sporting goods including hunting and fishing equipment, clothing and footwear, lawn and garden supplies, housewares, tools, farm supplies, toys, and outdoor equipment. Founded in 1947 and owned by the Dennis and Adele Reed Family, the Company operates 80 stores and previously announced the opening of two new locations in Fall 2024.
Runnings employs more than 3,000 people across twelve states. For more information visit Runnings.com.
About Home of Economy:
Automotive supplies to garden supplies, bakeware to outdoor-wear, work boots to toys... if you need it, Home of Economy has it, at guaranteed lowest prices! Founded in 1939 in Thief River Falls, MN by M. W. “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, ND, 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, Rugby, Minot, Williston, Jamestown & Watford City. More information can be found at HomeOfEconomy.com.