New York Conveniece Store Makes 175 Employees Millionaires

A New York convenience store company has done the unimaginable, making 175 of its employees millionaires.

What Is Stewart's Shops?

Stewart's Shops is a unique convenience store that serves many parts of New York State. The company was founded in 1945 in Ballston Spa, New York, where its headquarters are still located. There are 350 Stewart's Shops in operation,

Known for branded ice cream, potato chips, hard rolls, root beer, milk, coffee and other drinks, three-fourths of their stores also sell gasoline—either their own brand or in partnership with Sunoco. In addition, most also feature a small dining area.

Stewart's Shops Makes 175 Employees Millionaires

According to YourTango, 175 employees have quietly become millionaires through Stewart's Employee Stock Ownership Plan. Any employee who works 500 hours in a quarter or 1,000 per year is eligible to open an ESOP account. According to Wikipedia, at least 40 percent of the company's stock is owned by employees.

@yourstewarts But like…what do you mean??? 👀 #stewarts #stewartsshops #upstateny #whatdoyoumean ♬ original sound - Stewart's Shops

In July of 2020, Stewart's paid ESOP shareholders a dividend of 4.5% of their 2019 ending balance. According to a release from the company, more than three years ago, there were 90 Stewart’s Partners with a balance of more than $1,000,000.

Expect better, friendlier service from our partners because they have an increased sense of pride in their work; our employees own over 40% of the company through the Employee Stock Ownership Plan (ESOP), known as “Profit Sharing.” That’s why our employees are called “Partners.” Unlike a 401K, the ESOP is 100% company paid.

 

If Stewart's Shops sounds like a place you want to work, especially knowing you could potentially become a millionaire, you might want to check out their career page.

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