Hardware Retailing The Industry's Source for Insights and Information
Independent retailers from around the globe gathered last Friday in Indianapolis to kick off the Do it Best October Market.
The event, which ends today, offered attendees the chance to browse new products, check out the latest industry trends, celebrate the co-op’s 70th anniversary and wish Bob Taylor, president and CEO of Do it Best Corp., congratulations on retiring after 40 years working in the home improvement industry.
“While this is a bittersweet market for me, it’s again one full of opportunities for our members to grow their businesses and achieve their dreams,” Taylor says. “Between our 70th anniversary celebrations, new product launches, enhanced savings opportunities and distributing another year of consistently high member rebates, my last market as CEO may be the best one yet.”
A Transition in Leadership
At the Do it Best market, retailers and industry leaders alike had opportunities to talk with Taylor about his time in the industry and the transition in leadership to Dan Starr, who will become the fifth president and CEO of the company.
“The transition planning really goes back over a three-plus year period,” Taylor says. “Looking at the talent on our team, we identified Dan and moved him into the EVP and COO position, which really provided a great platform for him to grow, develop and connect with all aspects of our operation.”
On Sunday evening, Taylor took the stage to address the company and Do it Best members at the annual shareholders’ meeting. He shared insights from 40 years in the industry and where he sees the company going in the future.
“It certainly won’t be easy for me to step away from a job that I love coming to each morning, but I do so with the highest confidence in the depth of caliber and strength of leadership I leave behind,” Taylor says. “Every level of our organization has dedicated individuals who embrace change and the opportunities it brings. They are relentless in their focus and making the best even better.”
Many retailers on the show floor were happy to get the chance to wish Taylor well and excited to see what Starr will bring to the table. Geoff Warmouth of Waukee Hardware & Rent-it Center in Waukee, Iowa, is confident in the transition from Taylor to Starr.
“Bob has taken Do it Best to the next level,” Warmouth says. “Part of my philosophy is to do the best for a certain amount of time and then pass it on to somebody else so there is new energy and synergy. I read a little bit about Dan in an article recently and I think he’ll do great.”
New Products and Added Savings
In addition to celebrating the co-op’s 70th anniversary and Taylor’s last market as company leaders, attendees had the chance to hunt for deals, discover unique products and identify up-and-coming category trends.
One of the biggest additions for Do it Best members was the expansion of a Channellock product line, which includes a range of Channellock-branded ratchets, sockets and wrenches only available for Do it Best Corp. members. Retailers had the chance to check out the new line’s 600 updated and new SKUs.
The line offers retailers a good opportunity to stand out against the competition but doesn’t require any specific amount of purchases, Warmouth says.
“I think (the Channellock line) is a good direction for the company to go in,” he says. “It’s great to have a private-labeled national brand but it’s still a la carte, so we get to pick and choose what we want.”
In addition, Do it Best Corp. unveiled expansions on the co-op’s fully stocked nationally branded paint lines, Sherwin Williams and Valspar. With these products, retailers will be able to achieve lower everyday pricing, according to Randy Rusk, communications director with Do it Best.
Many retailers also flocked to the popular products featured on the TV show “Shark Tank.” Rusk explains that this is a growing product category of interest and Do it Best Corp. was excited to bring the products from the popular show to retailers’ stores in a unique way.
“The ‘Shark Tank’ products is a growing category,” Rusk says. “The visibility of the show has brought attention to some inventors who have created products that are really cool that may not have been seen otherwise. We partnered with (TV personality) Lori Greiner to offer these to members with a suggested planogram.”
Some of the exciting products seen in the “Shark Tank” area included the Squatty Potty and other well-recognized products from the show.
Member rebates for the year totaled $116.4 million, marking the 12th consecutive year the company has exceeded $100 million.
Attendees of the Do it Best market also had the chance to attend educational seminars on topics such as social media, shop-local research, 3-D printing and many others.
