Headquarters Valley City, North Dakota, United States | ||
The Vault is an unmanned self-serve coffee shop, bakery, book store and center for the arts located in Valley City, North Dakota. In June 2014 The Vault received international attention for its unique business model.
Contents
History
The Vault was the result of a three and a half year renovation project of a former bank building in Valley City, North Dakota. The bank was originally built in 1920 as The Bank of Valley City, later it became Farmer's and Merchant Bank, and was later abandoned. The building was purchased in 2000 by Paul Stenshoel, and the main room of the lower level gifted to David Brekke in 2009 for use as a coffee shop and community center.
Honor System
The Vault has no employees or price scanners. Customers take products and pay via credit card, check or cash on the honor system. There are cameras but their main purpose is intended to be to provide a safe atmosphere. The food and drink are priced, but the books are priced as patrons see fit. In the interview by Boerner, Brekke said that customers have been "15% more honest, than thieving."
Media Coverage
On June 20th, 2014 Aaron Boerner of KVRR Fargo covered story on The Vault focusing on its unique business model. On June 23rd the story was aired by CNN nationally. On the morning of June 24th the story was aired on TV stations across the United States, leading to a subsequent interview by NY Daily News. On June 24th the story was picked up by the Daily Mail newspaper in the UK.
Reaction
Conservative pundit Rob Port editor of Say Anything (blog) praised the business model and stated that The Vault is evidence that the North Dakota oil boom is enhancing life in North Dakota. Conservative pundit Ed Morrissey praised the business model and the community but the blamed the need for it on minimum-wage hikes and labor loss do to the North Dakota oil boom.
Early public reaction on Hot Air (news site) and Reddit has been mostly positive in regards to the business model and what the business model says about small town USA. Negative public reaction focused on the loss of jobs resulting from such a business model if it were widely used, especially with added automation.