Tribune Media Group Explores Growth for Home / Hardware RetailersDecember 5, 2010
For home and hardware retailers affected by consumer reaction to the economic downturn, the search is on for categories of growth to help in times of sluggish sales. The industry is working hard to provide solutions that meet new sets of customer needs.
Tribune Media Group’s recent exploration of the category highlighted several areas where retailers were searching for growth including:
Expansion into adjacent categories – This is a strategic move to identify additional needs amongst your core customers, hoping that diversification will increase revenue per shopping trip. A number of current home improvement shoppers also happen to be pet owners, so stocking pet food and supplies may be a way to serve both needs. Other stores are now providing basic products to add a new level of convenience and entice shoppers to make more frequent visits.
Identification of emerging consumer needs – Sometimes even a general segmentation can yield healthy insights. Peer into the emerging needs of Boomers, for example, you might see a growing demand for home fixes that improve accessibility or create better lighting to aid aging eyes. Meanwhile, many Gen X homeowners are realizing their plans to “trade up” might not happen, so their taking on smaller projects that maximize the spaces they currently have — for example, making outdoor spaces fit for dining, entertaining or casual living.
Renewed commitment to service – Some projects just have to happen, and for a variety of reasons, more consumers are turning to the do-it-yourself mentality to get them done. For this group, the outlet that can provide a complete solution — from supplies and tips to online How To videos and professional demonstrations —might have an advantage in winning those projects.
Sometimes new opportunities don’t come from revolutionary changes; it just takes looking at things from a fresh perspective. Contact your Tribune Media Group representative to gain insight into your audience in Chicagoland. Our team is happy to put a plan together that meets your unique business goals.