Hardware Retailing

FEB 2019

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

Issue link: http://www.hardwareretailingarchive.com/i/1074585

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Page 78 of 102

HARDWARE RETAILING | February 2019 72 Growth on the Horizon T he home improvement sector is outstripping the growth of the overall retail industry— and independent retailers are finding creative and ambitious strategies to fight off giant competitors. These successes were evident through the research and stories of independent home improvement retailers presented at the North American Retail Hardware Association (NRHA) 2018 State of Independents Conference. Growth was the theme of the event, which was held Dec. 6 in Chicago. At the fourth annual conference, NRHA presented new research that helped flesh out discussions of thriving retailers' plans for growth and the product categories where they're finding and forecasting success. The association surveys retailers annually to gauge where their businesses are growing, how they expect to expand and what their obstacles to growth are. According to the 2018 research, nearly 70 percent of independent home improvement retailers are expecting to grow their businesses in 2019 by adding product niches, expanding product lines, increasing salesfloor space, exploring new locations or a combination of the four strategies. The State of Independents Conference provided discussions of the research and opportunities for retailers to network with operators from a variety of wholesale affiliations. Retailers also gained a platform to explain their triumphs and dialogue with peers, manufacturers, distributors and industry observers. Read on for more details about the research and retail success stories shared at the event. NRHA Conference Explores Innovative Retail Strategies By Kate Klein, kklein@nrha.org 72 HARDWARE RETAILING | February 2019

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