Hardware Retailing The Industry's Source for Insights and Information
By Chris Kempa, True Value CEO
FRESH GRASS, longer days and warm breezes usher in new opportunities to plant seeds of success this spring season. While last year presented challenges for retailers industrywide—from unpredictable weather to shifting consumer behavior—this year offers opportunity.
Why am I optimistic? The 2024 spring season is predicted to arrive early with more favorable weather in the regions that need it. How do you take advantage of this and make this challenging market work for you? First, an understanding of trends and how they impact your community.
One example is the growth of women participating in DIY. The appeal of rolling up your sleeves and diving into home improvement projects is empowering for all audiences, but the role of social media and the rise of lifestyle content has brought new awareness and engagement to a more traditionally underserved audience. This is a great example of how to look within your community, identify areas of opportunity and lean in to how you can best serve them.
How do you do that? It’s the perfect combination of the right products with the right promotions. You know you need the perfect-for-your-store assortments from high-quality brands, but if no one knows you’re stocked or that your store staff is there with knowledge and support, those products sit on the shelves.
Partner with local businesses with mutual customer bases, offer classes or Ladies Nights to invite neighbors to your store, or understand that your customer is absolutely looking for a great deal or a lower-cost alternative to their favorite product. Now is the time to put yourself on the map and help your community understand you are here for them and their DIY projects.
While the 2024 outlook may seem relatively flat, there are plenty of opportunities for growth and innovation. Unlocking these opportunities hinges on understanding customers and connecting with them on a deeper level, standing out in your community and outsmarting (not outspending) your competitors.
This spring, connect with your community through seasonal, relevant products and smart promotions (like events and deals) to sow success for the rest of the year.
