What Is Home of Economy? Unpacking a Midwest Retail Legacy

Have you ever wondered about certain businesses that seem to be deeply woven into the fabric of a community, almost becoming a household name? Perhaps you've heard the phrase "Home of Economy" and pondered its meaning. Is it a grand economic concept, a government initiative, or something else entirely? If you're looking for clarity on what is Home of Economy, you've come to the right place. This article will peel back the layers, revealing the true identity of this distinctive entity and its significant role, particularly in the Upper Midwest.

Unveiling Home of Economy: More Than Just a Store

At its core, Home of Economy is not an abstract economic theory or a government department. It is, in fact, a well-established chain of retail stores, primarily known for serving communities across North Dakota. Think of it as a one-stop shop that caters to a wide array of needs, from the farm to the home, and everything in between. It has built a reputation for offering a diverse range of products at competitive prices, making it a go-to destination for many residents.

A Legacy Born from Innovation: The History of Home of Economy

The story of Home of Economy began in 1939 in Thief River Falls, Minnesota, founded by M.W. "Bob" Kiesau and his wife, Jean. What started as an auto parts wholesale business quickly evolved. In February 1940, Bob Kiesau opened a store in Grand Forks, North Dakota, famously recapping used tires by night and selling them by day.

Interestingly, Home of Economy is widely regarded as one of the first discount stores. Back then, free-trade laws often mandated high, fixed prices for retailers, especially for automotive parts. Bob Kiesau challenged this by pioneering an innovative "fleet discount program" specifically for farmers, allowing them to purchase goods at lower rates. This forward-thinking approach laid the groundwork for the discount retail model we know today and cemented Home of Economy's commitment to affordability.

What You'll Find at Home of Economy: A Diverse Product Range

One of the defining characteristics of Home of Economy stores is their incredibly broad inventory. Unlike many specialized retailers, they offer a vast selection designed to meet the practical needs of rural and urban customers alike. So, what kind of products does Home of Economy offer?

You can expect to find:

• Farm Supplies: Essential equipment and tools for agricultural operations.
• Hardware & Tools: Everything from hand tools to power tools, and general hardware.
• Clothing & Workwear: Durable apparel, work boots, and everyday clothing for the family.
• Home Furniture & Housewares: Items for furnishing and equipping your home, including Amish furniture.
• Automotive Goods: Parts, accessories, and supplies for vehicles.
• Lawn & Garden Supplies: Products for maintaining outdoor spaces.
• Sporting Goods, Hunting & Fishing Equipment: Gear for outdoor enthusiasts.
• Pet Supplies: Essentials for your animal companions.
• Paint & Toys: A surprising variety, catering to both home improvement and leisure.

This extensive range means that whether you're a farmer needing a specific part, a homeowner looking for furniture, or someone searching for outdoor gear, Home of Economy aims to have it, often at "guaranteed lowest prices."

Why Home of Economy Matters: Impact on Communities and Consumers

Home of Economy has played a vital role in the communities it serves for over 85 years. Its importance stems from several key factors:

• Affordability: By offering a wide range of products at competitive prices, Home of Economy has helped consumers economize, living up to its motto: "Be wise, Economize" and "The friendly store where your dollar buys more."
• Convenience: For many in less populated areas, having a store that provides such a diverse product selection under one roof saves time and travel, serving as a crucial local resource.
• Community Support: The company has demonstrated a commitment to its communities, even staying open and assisting customers during challenging times, such as the Grand Forks flood in 1997. This resilience and dedication have fostered strong customer loyalty.

The Next Chapter: Home of Economy Joins the Runnings Family

In a significant development, it was announced in May 2024 that Home of Economy had reached an agreement to be acquired by Runnings, another Minnesota-based farm, home, and outdoor retailer. The transaction was expected to close in September 2024.

While the stores will continue to operate under the Home of Economy banner for a limited time, they are slated to transition to the Runnings brand, with conversions anticipated to be complete in early 2025. This acquisition will expand Runnings' presence significantly, bringing its total store count to 90 locations across 12 states. The previous owners of Home of Economy will continue to operate The Amish Gallery, their high-quality furniture store, relocating it to a new independent location in Grand Forks, North Dakota.

This transition marks a new era for Home of Economy, but the legacy of providing essential goods at great value is expected to continue under the Runnings brand, which shares a similar commitment to its customers and communities.

Conclusion

So, what is Home of Economy? It's a testament to enduring retail innovation, a vital community resource, and a symbol of practical value in the Upper Midwest. From its pioneering discount model in 1939 to its extensive product offerings, Home of Economy has consistently aimed to provide "guaranteed lowest prices" and a vast selection to its customers. As it transitions under the Runnings brand, its legacy of serving diverse needs with a focus on affordability and community remains a cornerstone of its identity.

Have you ever shopped at a Home of Economy store, or perhaps a similar community-focused retailer? Share your experiences in the comments below!

Frequently Asked Questions (FAQ)

Is Home of Economy a national chain?

No, Home of Economy is primarily a regional chain of retail stores with eight locations mainly in North Dakota, USA.

What types of products can I buy at Home of Economy?

Home of Economy stores offer a very diverse range of products, including clothing, workwear, home furniture, housewares, automotive goods, tools, farm supplies, hardware, lawn and garden supplies, paint, pet supplies, hunting and fishing equipment, and sporting goods.

Is Home of Economy still open?

Yes, Home of Economy stores are currently operating. However, the company has been acquired by Runnings, and the stores are expected to transition to the Runnings brand in early 2025. They will continue to operate under the Home of Economy name for a limited time during this transition.

When was Home of Economy founded?

Home of Economy was founded in 1939 by M.W. "Bob" Kiesau and Jean Kiesau in Thief River Falls, Minnesota, with its first North Dakota store opening in Grand Forks in 1940.