Erik Saltvold

Erik Saltvold is the founder and owner of Erik's Bike Shop, Inc., a prominent retail chain specializing in bicycles, snowboards, and skis. He began his journey in the cycling industry at the age of 13, repairing bikes and selling them from his parents' barn in Richfield, Minnesota. In 1977, he officially launched Erik's Bike Shop, which has since grown to encompass 32 locations across seven states, with significant expansion in recent years, including a new headquarters in Minneapolis.123

Career Highlights

• Founding and Growth: Erik started his business with just $130 saved from his paper route. His entrepreneurial spirit led him to open his first retail space by leasing a strip mall location at 18 years old.13
• Recent Developments: Under Saltvold's leadership, Erik's Bike Shop has embraced the growing demand for electric bikes (e-bikes), which have seen triple-digit growth rates. The company recently expanded its headquarters to a 110,000-square-foot facility equipped with solar panels that provide a significant portion of its energy needs.125
• Financial Success: Erik's Bike Shop reported over $70 million in revenue during the pandemic boom in cycling, which Saltvold attributes to a surge in recreational biking as people sought socially distanced activities.12

Personal Background

Saltvold attended Richfield High School and briefly studied at the University of Minnesota before deciding to focus on his business. He has expressed a commitment to staying involved in the company and plans to gradually transition ownership to key managers rather than seeking an outright sale or retirement.14

Current Endeavors

Erik's Bike Shop continues to innovate by expanding its product offerings and enhancing customer service. Recently, they began direct-to-consumer sales for Specialized bikes through their website, further solidifying their position as a leading retailer in the cycling industry.56

Saltvold remains actively engaged with customers and employees alike, emphasizing strong relationships and community involvement as core principles of his business philosophy.