Hardware Retailing

MAY 2017

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: http://hardwareretailing.epubxp.com/i/815244

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Page 150 of 224

HARDWARE RETAILING | May 2017 144 I'm a believer that a sustainable, succeeding business must carry a healthy anatomy. Identifying operating inefficiencies is just as critical as an uptick in sales. We don't have the necessary procedures or road maps built just yet to convince me to consider acquisition. Hopefully in 10 years, we will have positioned ourselves to pursue physical growth. Learning from others' acquisition models has stirred a motivation in me to pursue non-succeeding family hardware and garden retail centers at some point in my career. HR: Where do you see the home improvement industry in five years? JM: I'm a strong believer in the omnichannel concept. If you aren't currently providing multiple channels for your customer to transact, you are behind the game. A productive ecommerce website is not 'plug and play', nor does it come to existence quickly, regardless of your resources. If you choose to pursue selling online, be very aware that there are a prolific amount of people who will gladly take your money in return for a weak jab at developing your site. Integration into your ERP system, mobility and having a key, vested person overseeing the project is vital. Since establishing our presence online in 2011, we have set aggressive marks for this division of our business. In the future I see BOPIS ('Buy Online, Pickup In-Store') affecting all three of our markets. It's interesting to notice that some retailers are already reserving privileged parking closer to the doors for such transactions. HR: Can you talk about the overall value and importance you place in furthering your education and networking with other independent retailers? JM: I believe industry education and networking is an invaluable resource for better understanding our businesses. Human nature is always going to gravitate toward comfort, and most people find comfort in their homes and community. However, the truth is that the industry we operate in does not pulse out of our backyard. So many aspects of our business vary geographically. Opportunities to learn these differences and identify our weaknesses are readily available. Attending trade shows such as the National Hardware Show, or becoming involved with industry-specific associations, such as NRHA, are great places to start.

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