Home Improvement Retailers Enjoy Steady Recovery following Recession
Following two successive years of overall sales declines, the retail home improvement industry is forecast to come out of its slump in 2010, a trend that will continue into 2011. These forecasts are among the data presented in the latest HARDLINES Retail Home Improvement Report, which has just been released by the editors of HARDLINES. One of the most important findings in the study is the trend downward of the industry that actually began in 2007, when industry growth began to slow year-over-year. By 2008 it had actually shrunk – for the first time since HARDLINES began tracking this industry 15 years ago. Last year, that decline continued, as the retail home improvement market in Canada was valued at $39.12 billion, a 2.9% drop from the previous year. "The retail home improvement industry shrank by almost 5.5% over the past two years," says Michael McLarney, editor of HARDLINES, who spearheaded the research. Each retail sector fared differently, with traditional hardware stores being hardest hit, followed by building centres. The good news, according the latest Retail Home Improvement Report, is that 2010 will mark the beginning of a modest recovery for the industry, with independent dealers leading the way. The annual Report has become an important resource for retailers and vendors in the industry as they prepare for the year ahead. "The home improvement industry has certainly experienced some ups and downs during the past two years," says Paul Straus, president and CEO of Home Hardware Stores Limited, which represents almost 1,100 independent retailers across Canada. "But the HARDLINES forecasts, based on the performance of our independent dealers across Canada, indicate that we are in for a solid but gradual recovery in 2010 and 2011." The Retail Home Improvement Reportis published yearly by HARDLINES, the news service for the retail home improvement industry. The report features detailed analysis of the growth of the industry, the market shares of each retail format and province – plus growth strategies of Home Depot, RONA, Home Hardware and Canadian Tire. For more information, contact: Michael McLarney, editor, mike@hardlines.ca or (416) 489-3396.
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