Hardware Retailing

APR 2018

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: https://hardwareretailing.epubxp.com/i/956598

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Page 80 of 90

HARDWARE RETAILING | April 2018 76 Hey, Big Lender I n a perfect world, everyone would live by a common rule: Sharing is, in fact, caring. In previous generations, communities would band together on projects and share materials, skills and equipment when one member didn't have everything they needed. After all, the barn raisings of years past didn't include just a few guys with a free afternoon. While tight-knit communities haven't gone completely by the wayside, there are other avenues for consumers to borrow products. Hardware retailers are expanding their rental departments and finding success. Heavy-duty lawn and garden equipment can be expensive for a single-family unit to maintain, while individuals working on projects might not want or need power tools on a regular basis. To explore the necessities and roadblocks of a successful rental department, Hardware Retailing spoke to two retailers who have made loaning equipment a profitable and reliable business venture. Their experiences show both the risks and rewards of carrying expensive equipment with the intent of lending it to their customers. Cottin's Hardware & Rental sits inside Lawrence, Kansas, home of the University of Kansas. With a high population of college students and a customer base heavily invested in home gardening, the business decided entering the rental market would be a boon for the bottom line and complementary to surrounding businesses. Kasson Hardware Hank made a similar decision after moving its flagship location into a custom-built How Rental Can Provide a Permanent Boost to Business Process & Procedure: Rental By Chad Husted, chusted@nrha.org RENTAL

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