Hardware Retailing

DEC 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/904225

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Page 49 of 70

S top us if you've heard this mantra before: Business is a world for sharks, and just like those fabled predators of the depths, moving forward is the only way to survive. While the comparison to the same creatures that kept plenty of people out of the water after "Jaws" hit theaters might be a bit overwrought, the basic premise is still one preached to everyone from first-year MBA hopefuls to CEOs alike. Sit still and you'll quickly be sinking. What does moving forward mean for your business? Just as the types of home improvement retailers vary in size, scope, ambition and requirements, so do the definitions of growth. Hardware Retailing consulted three retailers who have grown their businesses in different ways to remain relevant, bring in a larger customer base and increase sales. We explored several different types of business growth to learn about the obstacles and benefits that so often determine a retail location's success or failure. Some retailers look to surrounding communities for opportunities they believe can spur their businesses to bigger and better things. Others double down on an existing storefront and look outside the box for growth ideas. Every attempt to grow is unique, and each comes with its own hurdles involving finances, personnel, real estate and other factors. Take a look at these stories of business growth and get inspired to evaluate your business to see if there is something there that you can take and grow yourself. December 2017 | HARDWARE RETAILING 45 By Chad Husted, chusted@nrha.org

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