The housing market is hot all across North America, and that has meant great things for some retailers, particularly those in the home improvement business. In the latest home improvement industry news, sales are beating forecasts – and that is never a bad things!
A recent BNN article highlighted this trend after Home Depot released its quarterly numbers. According to the article, “An improving U.S. housing market helped Home Depot Inc. beat quarterly sales forecasts on Tuesday, and the world’s No. 1 home-improvement retailer lifted its full-year earnings and revenue forecasts. Shares of the Dow component rose 3.3 per cent to a record $123.60 (U.S.) in morning trading. The stock has far outperformed the broader market this year with a 17-per cent gain.”
You can check out the full article and accompanying video here: http://www.bnn.ca/News/2015/8/18/Home-Depot-raises-profit-forecast-as-housing-market-lifts-sales.aspx.
This is great news for the retailers, but what about the brands? Brands located in these retailers – are you getting the greatest bang for your buck? Are there opportunities for improvement?
The best way to determine how and why your products are performing as they are is with a retail audit. Here are a few solutions to consider:
- Competitive pricing and store placement analysis. It always helps to know what your competitors are doing, and by analyzing their location in store, as well as their prices, you can work on matching or beating them.
- Promotional audits. If you are currently running a promotion, make sure it is performing as it should.
- Adjacency/linear foot comparison. Make sure that your shelf space can compete with your competitors’.
- Quality assurance audits. The best way to ensure customers are happy with your product is to ensure deliverables are being met – shelves stocked with your product, prices labelled correctly, employees knowledgeable about your product.
When it comes to locating your product at retail, don’t just assume the retailer has your best interests at heart. Their profits may be up – so make sure yours match the trend.
For more about how an audit can help you regain control at retail, call Storesupport today at 905.847.6513.