Hardware Retailing

FEB 2017

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/776295

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Page 54 of 118

HARDWARE RETAILING | February 2017 48 By Renee Changnon, rchangnon@nrha.org Life Cycle of a New Product How to Find and Promote Trending Items C ustomers walking through Ambridge Do it Best know they can find what they need to complete any project. However, they can also pick up coffee, a jar of pasta sauce and a Pittsburgh Steelers hat. David Strano, co-owner of the business, is passionate about adding new products. To do this, he follows a three-step process: discover a new item, stock and showcase it and then decide whether to keep it or move in a new direction. His own personal drive to discover new things and share them with others has helped the Ambridge, Pennsylvania, independent business avoid becoming stagnant. "As a business owner, I always make sure I'm in tune with the new products my customers might want or need," Strano says. "For me, it's important to take risks with new products and believe in those risks. If it doesn't work, I can change my strategy and try again. But offering new things is what our customers have come to know and appreciate about our business." As most retailers know, finding trends or trying out new products is just as important as stocking core items. And while adding new products comes with a risk, if you feel confident there is a need for that product, it's a risk worth taking.

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