Hardware Retailing

OCT 2016

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/730317

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Page 50 of 94

HARDWARE RETAILING | October 2016 46 I n any typical home improvement store, there are generally six or seven core hardlines departments that do the "heavy lifting" of generating sales and gross margin dollars for the entire store. These departments typically include hardware and fasteners, electrical and lighting, plumbing and heating, hand and power tools and accessories, paint and sundries and lawn and garden. While stores may have additional niche departments, these six core categories are really what drive customers to home improvement stores. And within each of these core departments are core categories that are the key profit drivers. For example, liquid paint is generally the top-performing category within the paint and sundries department, comprising roughly a third of departmental sales, according to past research from the North American Retail Hardware Association (NRHA). So when sales start to wane or shift in one of these key areas, it can become a major issue for any business. But how do you handle it? What steps do you need to take? Read on to learn how one company took drastic measures to revitalize his paint department, and turn to Page 56 for tips on how you can assess the core departments and categories in your store to keep them in tip-top shape. Understanding the Changes Before you can develop any plan of action, you need to address flagging sales in a core department. It could be many things, including, but certainly not limited to, Taking Progressive Measures to Revive a Key Department Restore the Core By Scott Wright, swright@nrha.org

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