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 56 of 118

HARDWARE RETAILING | February 2017 50 In this article, Hardware Retailing highlights the different phases of the life cycle of new products and discusses best practices for each of these phases. For Strano and other retailers, the new products life cycle is made up of three distinct phases: product discovery, stocking new products and then keeping a winner or eliminating a poor-selling product. And although many new products retailers introduce in their stores may be considered niche products or categories, this cycle can be applied to a standard category's latest item or niche product lines. Read on to learn how Strano stays on top of the trends to keep his store full of new and interesting products and discover ways you can take risks and try new products and product niches in your business as well. Then, head to TheRedT.com/buyers to learn about how a buyer from one of the hardware co-ops finds and sources new items and trends to help retailers in their products search. One niche category that Ambridge Do it Best constantly updates is a department devoted to professional Pittsburgh sports teams. These products represent the NFL's Pittsburgh Steelers, the MLB's Pirates and the NHL's Penguins. Phases of the Life Cycle Stock and Showcase Keep It or Move On 3 The Three Steps 2 Research and Discover 1

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