Fareway

Fareway Stores, Inc.

Type	Grocery store
Industry	Retail
Founded	1938
Headquarters	Boone, Iowa, U.S.
Number of locations	100+
Key people	Richard P. "Rick" Beckwith – Chairman Richard P. Beckwith – CEO Fred R. Greiner – President Craig A. Shepley – CFO
Website	fareway.com

For information in regard of the former Merseyside based bus operator Fareway see MTL Trust Holdings Ltd

Fareway is a retail grocery store chain based in Boone, Iowa.

History

The first Fareway Store opened for business at 624 Story Street in Boone, Iowa, on May 12, 1938. The first ad featured coffee at 14 cents a pound and a “regular package” of Wheaties for 10 cents. Even then, their commitment to only selling USDA Choice beef cuts was evident, with offerings of USDA Choice Sirloin or T-bone steaks for 25 cents a pound.

Fareway’s concept of a self-service grocery store was considered revolutionary, allowing shoppers to pick out their own groceries rather than submitting a list to someone who would package everything for them. Shopping carts were a novelty, referred to as “rubber-tired gliders” that carried shopping baskets.

The store opening was a dream realized for founder Paul S. Beckwith. Paul was a meat supervisor for one of the country’s largest grocery chains for a number of years, but over time he noticed a gradual shift in how employees and customers were being treated. Paul envisioned what it would be like to again work where happy employees served happy customers.

He shared his dream with several others, including Fred E. Vitt, a merchant and patient teacher who had earned a reputation of being fair with customers and employees. When Fareway was launched, Fred was named Boone store manager as well as vice president of the Fareway organization. The Boone store proved to be a great success. The Company opened a corporate headquarters store in Ames, quickly followed by additional locations in Webster City, Fort Dodge, Estherville, Carroll and Oelwein.

When it came to choosing where the next Fareway Store would be built, Paul was fond of saying “follow the black dirt” because he believed the Company’s values were in perfect sync with those living in the country’s breadbasket—people who were hard-working, who understood the value of a dollar and to whom family was everything. Paul’s grandson is the current Fareway Chairman of the Board and CEO, Rick Beckwith.

Why "Fareway"

The name Fareway was originally chosen to convey a “wide range of stock of foods,” with the word “fare” meaning food. "Bill of fare" was also the commonly used phrase for "grocery list". The name also symbolized the idea of treating employees and customers fairly—where hard work deserved a fair wage, customers could expect to pay fair prices, and the store could expect to earn a fair profit.

Today

Fareway is now one of the largest employers in Iowa. They opened their 100th store in 2011 and have recently expanded to other Midwestern states including Illinois, Minnesota and Nebraska, with more store openings on the way.

"Green Initiative"

Long before terms like "green initiative" and "carbon footprint" became part of everyday language, Fareway Stores recognized the importance of conserving our natural resources.

In 1955 they began heating stores by reclaiming the heat generated by refrigeration compressors. Back then, environmental issues weren’t a focus for most businesses, but the idea of waste ran counter to everything Fareway stood for—namely, finding ways to conserve so they could pass the savings on to customers.

Recycling Efforts Expanded

The operation was so successful it led to developing other methods for recycling all kinds of materials: wooden pallets, waste oil, tires, antifreeze, batteries, scrap iron, aluminum, magazines, newspapers, waste paper, ink cartridges, fluorescent bulbs, plastic shrink wrap, plastic grocery sacks and plastic bottles.

Today they recycle:

• 850,000 pallets per year

• 12,500 tons of cardboard per year

• 300 tons of plastic shrink wrap per year

• 4,500,000 plastic grocery sacks per year

• 5,000 gallons of waste oil per year

Materials are collected at a recycling facility for initial processing and then shipped to major recyclers for final recycling.

Reduce and Reuse Efforts:

• Fareway started recycling cardboard at both the stores and the warehouse in the late 1960s.

• They work with shipping companies and local manufacturers to coordinate backhauls, which allow a driver making a delivery to return home with a loaded truck rather than an empty one thus saving fuel.

• Even simple steps, such as offering reusable cloth-like shopping bags made from recycled plastic, are encouraged.