Hardware Retailing The Industry's Source for Insights and Information
The spring buying season is just around the corner. Buying markets are among the best opportunities to see manufacturers’ new and innovative products and plan for category growth.
In its 2015 Magazine Readership Study, Hardware Retailing asked retailers which categories they are most interested in adding new products to in the coming months. More than 60 percent of respondents plan on searching for new products in the lawn and garden category and in the paint and sundries category. The housewares category, which lends itself to fun and innovative products, ranked toward the bottom of the list.
Applied to Retail: As you begin a new year, evaluate and identify which categories you will grow in 2016. Create a plan with your buyers to find new and unique products that will differentiate your store from competitors.
Going beyond sourcing new products, look at other ways you can improve your categories. For example, focus on one or two departments at a time. This attention will help you create a precise vision and purpose for each category.
Evaluate how these departments are merchandised, where they are located in the store, what events and promotions are centered on the related categories and what tactics you can implement to make sales stronger. Focusing on freshening up a few categories each year will allow you to update your store continuously without tackling all of the categories at once.
