A third-generation family-owned company is preparing to rebrand as Noonan True Value shifts from retail operations to focus primarily on its rental business.
Weve been thinking about this for the last few years and working with a consultant, said Matt Noonan IV. Whats our growth? Whats our future look like?
Noonan said with home remodeling growing in popularity, Every year since COVID has been fantastic. However, Noonan has been focused on strategic planning. One of the things we talked about was to get out of the retail and invest more into rental. Ive put more money into new equipment this year than ever before.
Noonans grandparents, Matthew Noonan Jr. and Audrey Noonan, started a retail store in 1947 on North Grand Avenue and began offering hardware products a few years later through a co-op company that is now known as True Value. The company currently operates Noonan True Value stores at 801 North Grand Ave. East and 510 Bruns Lane. In addition, Noonan True Value Rental & Party Plus opened at 3031 S. Koke Mill Rd. in 2008.
Noonan plans to begin liquidating the inventory at the retail stores and said the Bruns Lane location will close, while the North Grand Avenue store will transition into a smaller version of the west-side rental store.
Youre not going to be able to just come in here and buy a hammer, although you can buy lots of hammers, Noonan said, noting the industrial division that sells in bulk to commercial contractors and state agencies will remain in place. Were also keeping some segments, such as the grill department and our Generac line.
The North Grand Avenue store will be remodeled to decrease the showroom space to around 5,000 square feet, highlighting grills, construction equipment for rent and event rental items. Noonan said the Bruns Avenue location will close, since it is the only property that the company leases, although the plan is to sublease it for the remaining two-and-a-half-year term.
Theres only enough room in Springfield to support two locations, although we do have a third location picked out that will be outside of Springfield, said Noonan.
He said there will be very minimal impact for the companys nearly 50 employees. The majority of the staff will be offered a position as part of the reorganization, according to Noonan.
He compared the upcoming shift to BUNNs transitions over the years, from its start as a grocery company to becoming a grocery wholesaler and later a beverage equipment manufacturer, all while remaining a family-owned business.
We have to think outside the box in terms of future growth, said Noonan. Its kind of bittersweet, since we started out in retail. On the other hand, the future looks bright with the new model.