Spring 2013 Hardlines Strategies

you an expert perspective on whether the items and brands you’re carrying are right for your market. The process goes all the way down to the details of how you’re using peg-hook and shelf space. Should a certain product be getting more than one facing? Should it be lower, or higher, on the display? Brand name items, especially those with a reputation for high quality, will likely anchor your categories. “Consumers are educated on name brands,” Munger says. “They understand and recognize a quality brand.” But even though he tilts his product mix heavily toward the high-quality tools he knows professional and many do-it- yourself customers want, Munger includes an economy line with his assortments. Having a range of price points available means you will appeal to more customers. Do I have a mix of good-better-best items?

Are Your Numbers Healthy? One of the classic measurements of a store’s productivity is Sales Per Square Foot. A low number could be an indication you need to make some changes to your assortments or merchandising strategy. You can check your store’s Sales Per Square Foot number by comparing it to numbers in the Cost of Doing Business study from the North American Retail Hardware Association (NRHA). Every year, NRHA surveys hardware stores, home centers and lumberyards across the country and creates a report of average numbers on those stores’ balance sheets. These numbers serve as benchmarks for your own business. If your numbers are lower than the indus- try average, then it’s time to start thinking about how you can raise them. Sales Per Square Foot = Net Sales/Square Feet of Selling Area Typical High-Profit Hardware Stores $146 $178 Home Centers $268 $247 LBM Outlets $432 $666

Source: NRHA 2012 Cost of Doing Business study

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