Harris Teeter is a supermarket chain based in the United States. It’s well-known in the Southern Atlantic states but may be less familiar to those outside the region.
Despite this, it’s a popular name within its market area. Curious about Harris Teeter Supermarkets, Inc.’s net worth, we investigated the company further. In 2014, The Kroger Company acquired Harris Teeter for $2.5 billion.
The company’s value reaches billions, with over $4 billion in annual sales. Here are 12 facts about Harris Teeter’s net worth that you probably didn’t know.
William Thomas Harris and Willis L. Teeter are credited with establishing the Harris Teeter supermarket chain in the United States.
During the Great Depression, these two entrepreneurs established their own unique companies in Charlotte, North Carolina. Both Teeter and Harris owned their own stores: Teeter ran Teeter’s Food Mart, and Harris ran Harris Drugs.
The two men met and concluded that it would be better for their customers if the two companies were merged into a single establishment. This would provide them with an easier method of getting both the groceries and the pharmaceutical essentials that they required.
The Kroger Company announced in July 2013 that it intended to purchase Harris Teeter Supermarkets Inc. The transaction was completed in 2014, although the business was permitted to keep its previous name.
The Harris Teeter trademark was maintained in the same form as when the firm was acquired, and regular business operations were permitted. Even its headquarters in Matthews, North Carolina, remained the same. The Kroger Company acquired Harris Teeter as a subsidiary.
Harris’ first grocery store was the forerunner of the Harris Teeter brand. In order to start the business, he borrowed $1,500 to launch the market.
The shelves were mostly full of dry goods at this time. The business was established before grocery stores began using refrigeration and freezers.
Stores selling food and drugs were operated quite differently from how they are now. In the past, clients’ grocery choices were made by supermarket clerks, who were provided with a shopping list. Although this service was intended to make purchasing easier for clients, it wasn’t nearly as satisfying as shopping is today.
With the exception of items available only by prescription, we’re all free to select anything we want from the shelves of the supermarket and drug shops.
Harris initially promoted the practice of letting consumers choose their own groceries from the shelves. This represented an almost revolutionary shift in how the supermarket industry would work at the time.
The Harris store was the first in the state to install air conditioning for the convenience of both their customers and their employees, besides allowing customers to assist themselves to supermarket products. They also established later hours initially.
The Harris store remained open until 9 p.m. In comparison, other grocery shops typically closed at 5 p.m. Going to the grocery store after work for those who had to work late became considerably simpler as a result.
The original Teeter shop, like the first Harris store, was a precursor to the now-famous Harris Teeter chain. Willis Teeter took out a loan and used the money to start Teeter’s Food Mart in the spot vacated by an A&P. Teeter and his brother Paul could lease the land, and six years after Harris built his first shop, the first Teeter store was born in July 1939.
The business strategy of the first Teeter shop in North Carolina contributed to its success. The family-run company ran the shop according to the Golden Rule. They handled every client the way they would have liked to be handled.
Customers were delighted with the excellent customer service they experienced, including the delivery of food to their homes and the high quality of the goods they bought. Because of this, the Teeters could construct a bigger store site in 1946 since the original size didn’t fulfill client demand.
This second Teeter enterprise was established in Lincolnton, NC. In 1957, they established a third location in Newton, North Carolina.
Six Teeter stores were established in North Carolina between this period and November 1958, including additional locations in Morganton, Cornelius, and Hickory.
In 1960, the two entrepreneurs were introduced to each other at a gathering of Food Dealers in the region. After a period of getting acquainted and conversing, they realized that by consolidating their two companies, they could form a bigger supermarket chain. This would lead to them both saving on operational expenses and achieving higher profits.
Harris Teeter Supermarkets, Inc. is the result of the merger of 15 grocery shops that took place after months of negotiations and organizing the necessary paperwork. With this accomplishment, they became the largest grocery store chain in the Carolinas.
Because Harris had his own farm, he could supply the dairy items in his store. He honored his wife LaVerne by giving the company the name Vernedale.
He was the driving force behind establishing the first dairy co-op in the region where he resided. He successfully ran the co-op for several years until eventually selling it to Pet Dairy. Harris’s company, much like Teeter’s shop, was first run by members of the Harris family and was owned by the family.
Mr. Harris’s son, Donald Thomas Harris, who worked as a floor sweeper at the shop, was the one who originally proposed that the business sell more than just goods.
He suggested they sell appliances, tools, bakeware, health and beauty aids, academic materials, holiday decorations, and more. When Don’s father heard about the idea, he liked it so much that he immediately placed Don as the head of that department.
The Harris family had gained abundant riches through their success in the food retailing business. Not only had they amassed wealth, but they also devoted their resources to the betterment of their local community as one of their keys to career and life success.
Among their many admirable deeds, they handled the establishment of a kindergarten within the South Carolina public school system. They showed a strong commitment to education and provided assistance in transforming Charleston College into the College of Charleston.
Harris Teeter Stores has a fun mascot by the name of Harry the Happy Dragon, who first appeared in 1992.
Their current slogan is “Your Neighborhood Food Market,” which is different from their earlier one (“The Best Is What We’re All About”), which can still be seen in certain shops. The store has a jingle known as “My Harris Teeter,” a motto set to music that was first used in 2004.
In 2012, the Harris Teeter Supermarket chain earned a spot in Supermarket News’ Top 75 Retailers & Wholesalers, ranking 34th.
This recognition was due to their impressive $4.3 billion in sales for the 2011 fiscal year. The company has been praised for its excellent customer service, operating in North Carolina, South Carolina, Florida, Georgia, Virginia, Maryland, Delaware, and the District of Columbia.
In 1969, Harris Teeter Supermarkets, Inc. changed proprietorship for the first time since its founding. It was acquired by Ruddick Corporation, a Charlotte-based holding company.
This was the first occasion when the supermarket chain began to sell alcoholic drinks, which was not allowed before due to the Southern Baptist faith of Harris and the fact that he thought selling alcohol was immoral. The new owners further extended the reach of the chain too.
During the 1970s, Harris Teeter had to contend with Colonial Stores Big Star, a discount chain, and the A&Ps WEO, both of which were their greatest rivals.
While the two businesses had stores in working-class neighborhoods, Harris Teeter stayed within the upper-class districts.
Following this, the firm came out with its Big M discount as a reaction to the competition that existed at the time, and finally, in 1976, the two chains were merged together to become Teeter Harris/More Value in 1979.
Like many other big companies in the 80s, Harris Teeter was busy buying up firms that would boost their profits and lessen their costs.
They took over Hunter Farms Dairy, based in High Point, North Carolina. This enabled them to reduce the price of their dairy products considerably. The dairy products sold by Harris Teeter were labeled as Harris Teeter and Hunter Farms products, exclusively from Hunter Dairy.
Hunter Farms is a subsidiary of Harris Teeter, but it also supplies dairy products to other businesses, including Wendy’s Frosty, Lowes’ Foods label ice creams, and other educational institutions and retail outlets.
Harris Teeter was still purchasing new enterprises in 1984. They could acquire several Food World shops located in and around the Greensboro region, many of which had been connected to the massive Piggly Wiggly company.
In 1988, they made a major acquisition when they acquired Big Star Supermarkets, which settled their stores in the Raleigh-Durham area.
The grocery chain was expanding during this crucial period, venturing into areas where it had not been present before. It adhered to its design of locating its stores in upmarket urban areas.
Harris Teeter broke new ground in the grocery business during its early years. It differentiated itself by adopting plastic bags over the usual paper ones and was one of the first to equip shopping carts with child seat belts.
The store also ventured into offering a distinctive product for affluent areas: French truffles, sold at an impressive $300 per pound. Although this product didn’t stay on the shelves for long, it was a bold move. Harris Teeter earned a reputation for its forward-thinking approach and for being a pioneer in offering customer-focused amenities.
Harris Teeter’s net worth reflects its growth from a local grocery innovator to a key player in the supermarket industry. With its acquisition by The Kroger Company and substantial annual sales of over $4 billion, Harris Teeter has solidified its position as a valuable retail asset.
Known for its forward-thinking approach and customer-centric features, the company continues to significantly impact its region. As it evolves under Kroger’s ownership, Harris Teeter’s legacy of innovation and quality service remains central to its brand and financial strength.
Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.
