Hardware Retailing The Industry's Source for Insights and Information
In the 2024 Market Measure Report, published by the North American Hardware and Paint Association, industry partners offered insights into 2023 operations and their goals for 2024.
Read the insights from Ace Hardware‘s John Venhuizen below and download the complete report from NHPA here.
How did business change for Ace Hardware in 2023 compared to 2022?
Customer traffic into our Ace stores was essentially flat versus last year. On a relative basis, that was an encouraging win. Average ticket, however, was slightly down as big-ticket items pulled back slightly.
What were some challenges in 2023 and how did Ace Hardware address them?
I’m really proud of our merchandising and logistics teams as they delivered five months in a row of reduced cost of goods to our Ace owners and Emery Jensen Distribution customers. While the Consumer Price Index continues to climb, albeit at a lower rate, Ace owners are enjoying deflation.
What are some critical areas of focus for Ace Hardware going into 2024? What is the anticipated impact or benefit for your members?
Service, convenience and quality will remain our priority and ravenous focus for 2024.
What are your projections for 2024 for the home improvement industry at large and the independent channel specifically?
I have no idea what tomorrow may bring. But we will work mightily not to get whipsawed by macroeconomic factors.
“I’m really proud of our merchandising and logistics teams as they delivered five months in a row of reduced cost of goods.”
