Cotter & Company acquired the True Value trademark in 1962 for $2,500 as part of a $2.5 million acquisition by the cooperative, which also obtained the assets of Hibbard Spencer Bartlett & Company. Today, that trademark is synonymous with independent hardware chains, of which there are more than 5,000 stores across 54 countries that currently belong to the co-op.
President and CEO Lyle Heidemann said, “We understand the importance of doing business with the DIY audience, which is why we invested in and launched e-commerce, redesigned our customer loyalty program, revitalized our on-line circulars, and incorporated a store-specific customer feedback program. Because our Destination True Value (DTV) store format positions our retailers to best compete in the marketplace and drive traffic, customer satisfaction, and sales, we offered retailers up to full funding of DTV remodel costs. And in 2010, we added 892,000 square feet of selling space, almost doubling the amount of retail square footage converted to the DTV format in 2009.”