The millionaire workers club at Stewart's Shops keeps growing

BALLSTON SPA — The number of Stewart’s millionaires has expanded again, with 175 workers at the convenience store chain owning more than $1 million worth of company stock through the company's Employee Stock Ownership Plan.

Stewart's this week sent out its annual stock ownership statements, outlining how it has made a $19 million contribution to 3,000 active employees’ accounts. That’s equivalent to 16 percent of each employee’s 2022 wages.

Additionally, ESOP participants saw their account balances grow by 12.5 percent in 2022. Stewart’s Shops employees own more than 40 percent of the company through profit sharing.

The 175 partners with a balance of more $1 million is up from 2020 when 90 employees owned more than a million dollars of company stock. In 2018, there were 67 employees with more than $1 million in company stock.

Stewart’s has expanded since then, steadily building and adding more stores across the Capital Region, parts of Vermont and the Hudson Valley. Of the employee millionaires at the company, 70 percent started out as hourly employees. 

“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,”  Stewart’s Shops President Gary Dake said of the latest contribution. 

The ESOP program is 100 percent funded by the company for anyone working at least 1,000 hours a year. After six years in the plan, a partner’s balance is usually greater than a year’s pay. 

The company has noted that the ESOP plan has created a lot of stability, which could be a competitive advantage in this era of employee shortages and recruitment challenges facing many businesses.

As seen in the Times Union and written by Rick Karlin.