Bi-Mart
From Wikipedia, the free encyclopedia
| Bi-Mart | |
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| Type | discount membership store |
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| Founded | 1955 Yakima, Washington |
| Headquarters | Eugene, Oregon |
| Industry | Retail |
| Products | clothing, footwear, housewares, sporting goods, hardware, toys electronics, foods, pharmacy, beer, seasonal goods |
| Website | http://www.bimart.com/ |
Bi-Mart is an employee-owned chain of retailers located exclusively in Oregon, Washington, and Idaho in the United States. The company was founded in 1955 and is headquartered in Eugene, Oregon.
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[edit] History
Bi-Mart's first store opened in Yakima, Washington in 1955 and did not open its second store until 1962. In 1976, it was bought by Pay 'n Save, and beginning in 1984, Bi-Mart's corporate parent was bought by Thrifty Corporation, which itself was merged into the former Kmart subsidiary PayLess Drug, culminating with the 1996 purchase by Rite Aid.
In 1997, Bi-Mart's senior management and a Portland-based venture capital firm bought the company; they sold it to its employees as of March 1, 2004 for $94 million, which included $12.5 million contributed from their 401(k) plan.
In October 2003, Bi-Mart announced it was heading east and opening stores in Montana and Idaho. They planned 8 stores and the first store opened in Havre, Montana. The second store opened 3 years later in Weiser, Idaho.
As of December 2004, the company projects sales for the fiscal year ending February 28, 2005 of $650 million, compared with $621 million for the previous year.
In 2006, Bi-Mart exited the Montana market after poor sales.
[edit] Membership Store
Like Costco and Sam's Club, Bi-Mart stores are membership stores; unlike those chains, its members-only policy started as a work-around to fair trade laws established in the United States in the 1930s by laws such as the Miller-Tydings Act. The membership fee is much lower than other membership stores: $5 buys you a lifetime membership.
[edit] Lucky Number Tuesday
One of the special features of a Bi-Mart membership is that you are eligible to win on their Lucky Number Tuesdays. Each store chooses approximately 50 card numbers from among their own store's membership numbers to win a variety of prizes, from the "Big Prize" (up to $300 value; only one of these is chosen) to the small prize in which only the last number of your 6 or 7 digit Bi-Mart number must match (small prizes such as a box of tissues, a jar of honey, etc.).
[edit] External links
- Official website
- Smaller and steady win the race, a December 2004 article from The Oregonian
[edit] References
| Oregon Based Companies |
|---|
| NYSE Listed: Nike, Inc. · Precision Castparts Corp. · Portland General Electric · Tektronix · StanCorp Financial Group, Inc. |
| NASDAQ Listed: Mentor Graphics · Columbia Sportswear · Planar Systems · InFocus · Lattice Semiconductor · RadiSys · Digimarc Corporation · McCormick & Schmick's · Rentrak · FLIR Systems |
| Private Companies: Harry and David Operations Corp. · Parr Lumber · Leatherman · Reser's Fine Foods · Les Schwab · Edge Wireless · Franz Bakery · Kettle Foods · JELD-WEN · Shari's |
| Other: Bi-Mart · Evergreen International Aviation · Tillamook County Creamery Association |
