Popular New York Store Makes Nearly 200 Workers Millionaires

In a groundbreaking achievement, Stewart’s Shops, a popular convenience store chain with numerous locations across New York State, has transformed nearly 200 of its dedicated employees into millionaires through its pioneering Employee Stock Ownership Plan (ESOP). This unique initiative offers employees the opportunity to become partners in the company, fostering a culture of shared ownership and prosperity.

Stewart’s ESOP: A Path to Employee Millionaires

Stewart’s Shops introduced the ESOP, allowing eligible employees, referred to as “partners,” to join the stock option after completing 500 hours in a quarter or 1,000 hours in a year. The ESOP operates on the principle that the success of the company directly translates into more significant investments in each employee’s ESOP account. The results have been transformative, propelling employees into the millionaire league.

“Our employees are called Partners, and they really are, since they own over 40 percent of the company through their ESOP,” stated Stewart’s Shops. “After six years in the plan, a Partner’s balance is usually greater than a year’s pay.”

Stewart’s Shops: A Beacon of Stability and Success

Even amid the challenges posed by the COVID-19 pandemic, Stewart’s Shops demonstrated resilience and success. In July 2020, despite the economic uncertainties, the company distributed an additional dividend of 4.5% of the partners’ 2019 ending ESOP balance. This $50 million dividend reflected Stewart’s stability and success, recognizing the hard work and dedication of its partners.

Notably, the dividend paved the way for the creation of 90 millionaires among Stewart’s Partners in 2020. The company allowed partners the flexibility to either roll their dividend into their existing ESOP account or opt for a cash distribution.

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ESOP Grows: 175 Partners Achieve Millionaire Status

Building on this success, Stewart’s Shops recently provided an update confirming a remarkable expansion in the number of partners attaining millionaire status. In a new milestone, 175 partners now boast ESOP account balances exceeding $1 million.

“A $19 million contribution was made to 3,000 active employees’ ESOP accounts which equates to 16% of each Partner’s 2022 wages. Additionally, ESOP participants saw their account balances grow by 12.5% in 2022. Stewart’s Shops employees own over 40% of the company through profit sharing,” the company announced. “There are now 175 Partners with a balance of over $1 million, and 70% of the current employee millionaires started out as hourly employees.”

This extraordinary feat underscores Stewart’s stability, fostering years of double-digit percent of pay contributions and consistent double-digit growth in ESOP balances. The ESOP program, entirely funded by Stewart’s Shops, is accessible to any employee who works a minimum of 1,000 hours per year.

ESOP: An Inclusive Opportunity for Employee Prosperity

The success stories emerging from Stewart’s ESOP initiative highlight the inclusive nature of the program. A significant portion of the current employee millionaires began their journey as hourly employees, emphasizing the accessibility of wealth creation through the company’s stability and sustained growth.

“Even with a challenging economy, supply chain issues and rising costs due to inflation, we are elated to be in a position to share this generous ESOP contribution with our Partners. It is only possible because of their hard work, efficiency and their pride as owners that we have had another successful year,” remarked Stewart’s Shops President Gary Dake.

Stewart’s Shops continues to expand and currently has multiple positions available at its shops, plant, and corporate office, presenting further opportunities for individuals seeking to be a part of this innovative and successful company.

In conclusion, Stewart’s Shops sets a remarkable precedent with its ESOP program, not only fostering employee wealth but also cultivating a culture of shared success, resilience, and pride in ownership.