Hardware purchasing: It’s all in the game
“Do you carry Pokemon cards?”
Maybe you should.
(And now the game is afoot.)
You, as a hardware store owner or manager, must plot your course when planning your purchases. But be ready to tweak and adjust along the way to meet the changing needs of your customers.
Don Deegan is the owner of Deegan’s Do it Best Hardware in Edgerton, Wisconsin, a town of 6,000, located 30 miles southeast of Madison near the Rock River.
“We’re a full line hardware store with paint and rental departments,” he said. “When it comes to purchasing for your hardware store, you look ahead,” said the owner.
“Of course you look back too, to see what items are movers off your shelves.The organized owner will use strategy; and tick off boxes in the planning stage,” said Deegan.
But how far ahead do hardware store owners and managers have to look? Has the timeframe for buying increased nowadays?
“Suppliers offer more selections,” said the owner, “so you expand your purchasing. Your strategy when making buying decisions for the coming months and seasons is key.”
Deegan said the overall merchandise picture for his store is that they’re about 70% DIY customers and 30% contractors.
More than nuts and bolts
He said there’s more demand today for supplying a wider range of products.
“The ease of the internet has made customers expect more from our brick and mortar stores. Customers are used to what appears to be an infinite selection, consequently, we as retailers, and our suppliers have had to respond with more selection,” he said.
Games? – Yes. Candy? – Yes. Assembly of items? – Yes. Bird houses? – Yes. Check all the boxes.
When purchasing, the owner said, their biggest category to buy at the distributor market is lawn and garden. “The market gives us the opportunity to see and buy the newest products at the best prices.”
There are good and bad patches along the way: Challenges in purchasing always exist.
“A negative was paint pricing and availability,” he said. “A positive was fertilizer and seed availability.”
The owner gave a tip for other owners making purchases to fill their hardware store inventories.
“Have your research done before you get to your market. Utilize pre-market online buying from the attending vendors,” said Deegan.
A wise owner will navigate purchasing decisions by listening to customers, making adjustments and planning ahead.
“Purchasing is the behind the scenes activity that can give you the edge,” said the owner. “Using it well can produce great payback.”
Game on.
