Hardware Retailing

OCT 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

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Page 66 of 102

62 HARDWARE RETAILING | October 2018 Reasons to Scope Out Your Competitors 5. You will be able to keep an eye on their pricing. You can price products in your store more effectively if you're consistently reviewing the prices in your competitors' stores. You need to know how other retailers are pricing seasonal or big-ticket items that are price sensitive. Price-shopping will also show you where you're underpriced and help you gain margin. 7. You'll learn how they do events. Some of your in-store promotional events may seem like great ideas until you realize your competitor has been doing the same thing for years. If they're offering free birdhouse-building workshops for kids, then maybe you'll be better off hosting a beekeeping class or giving away burgers fresh off your grills. 6. You'll notice product areas they don't have. When you're regularly visiting competing stores, you have the chance to look for ideas as small as creative clip strips or as large as the product varieties in entire departments. Staying aware of other stores' product offerings can help you spot their weaknesses and notice opportunities for your operation. THE COMPANY INC. ®

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