UPDATED: 'It's been a ton of fun,' Home of Economy CEO says upon sale to Runnings (2024)

GRAND FORKS – Home of Economy has been a “long-standing, stellar corporate citizen” whose community leadership will be missed, according to the head of the East Grand Forks-Grand Forks Chamber of Commerce.

On Thursday, Home of Economy announced its sale to Runnings, a company with 80 stores in states ranging from Montana to New York. Although the sale won’t be finalized until September, it marks the end of an 85-year run for Home of Economy in the Grand Forks region.

Upon hearing of the sale, Barry Wilfahrt, CEO and president of the local Chamber of Commerce, noted Home of Economy’s modest beginnings as well as the company’s history of community involvement.

“They are a locally grown company … that has been part of the Grand Forks business community for decades,” Wilfahrt said. “That family has given so much back to the community. It’s just been such a tremendously positive business for the Grand Forks region for all these decades.”

Wade Pearson, co-CEO of Home of Economy, told the Grand Forks Herald late Thursday afternoon that the company’s run in the region “has been great.”

“It’s been a ton of fun,” he said, noting that he’s been with the company since “the day after I graduated from UND in 1985.”

Home of Economy has been selling in Grand Forks and beyond for eight decades. It was founded by M.W. “Bob” and Jean Kiesau, grandparents of the current co-CEOs, Wade and 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,” Scott Pearson said in a statement sent to the media. “We have confidence that Runnings is that company.”

Along with its Grand Forks headquarters, Home of Economy has stores in Grafton, Devils Lake, Rugby, Minot, Williston, Jamestown and Watford City. It was founded in Thief River Falls in 1939; a store was opened in Grand Forks the following year.

Home of Economy offers an eclectic mix of goods, ranging from clothing, furniture, tools and farm supplies. The Kiesaus originally opened it as an auto parts wholesale business.

A release sent to the media noted that “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.”

In the 1950s, according to company history, the Kiesaus founded Mid-States, a buying and distribution group. Home of Economy and Runnings are both members.

A testament to the Kiesau family’s contributions in the community came in 1983, when Jean Kiesau won the Chamber of Commerce’s Henry Havig Award for Community Service. The honor is given annually to a person who has provided exemplary leadership service to the community over a period of time.

According to a 2008 Grand Forks Herald report published shortly after Jean Kiesau’s death, Home of Economy got its start in Grand Forks “in a rundown house on South Fourth Street in downtown Grand Forks, near the present-day courthouse.” At the time, it was called Economy Wholesale Supplies. The store expanded quickly, the Herald report noted.

In 1961, the store moved to a new location on North Washington Street with the name Home of Economy. A fire on Dec. 3, 1987, destroyed the building; a new building was erected soon thereafter.

Since 1960, Home of Economy also has included The Amish Gallery, a retail furniture store. Wade Pearson said Home of Economy plans to continue to operate The Amish Gallery, although it will relocate to a new location in Grand Forks. Aside from the location, nothing will change with The Amish Gallery.

Brian Odegaard, president of Runnings, said the company has been aware of Home of Economy and the Kiesau family for years. He said Home of Economy and Runnings share similarities, including their products and the communities in which they are located.

“Their products and services are also comparable,” Odegaard said. “After discussions with Home of Economy’s leadership, both companies knew this would be a great fit.”

Runnings has six other stores in North Dakota. The privately held company sells an extensive selection of pet supplies, sporting goods, hunting and fishing equipment, clothing and footwear, along with outdoors supplies for lawn, garden and farm. Runnings was founded in 1947.

Home of Economy will continue under its current brand for a time as it transitions into the Runnings brand, the media release said.

“I have personally visited all of the Home of Economy stores. I respect their history and have been particularly impressed with the team members I encountered,” Odegaard said. “We can’t wait to add the Home of Economy stores and staff to our growing company.”