'Share of visits’ favors small formats
When it comes to hardware and home improvement, bigger isn’t always better.
According to data compiled by Placer.ai, visits to smaller chain stores like Ace Hardware and Harbor Freight are up steadily this year over 2023’s numbers. Visits to Lowe’s and Home Depot over that same timeframe, meanwhile, are down.
The data suggests a trajectory of smaller chains (Harbor Freight and Ace Hardware, in particular) outpacing much larger competitors—at least in terms of “share of visits.” This trend has been playing out since at least 2017, per Placer.ai.
Store expansions and migration appear to be fueling these foot traffic trends, according to Placer.ai. Harbor Freight now has more than 1,500 U.S. locations, while Ace boasts more than 5,800 stores globally (including nearly 200 that opened in 2023). As the map below shows, there’s a huge concentration of stores in the East. More broadly, smaller hardware stores are increasingly concentrated in areas where people are moving in the U.S.
According to Placer.ai, a larger small-ification trend is afoot in the retail world. Citing moves by companies like Macy’s, Arhaus and Best Buy to streamline operations via smaller, nimbler stores, this appears to be a trend poised to extend well beyond hardware and home improvement. So, fewer bricks and less mortar doesn’t necessarily mean fewer faces and feet coming through the doors.
