As 2015 comes to a close, the North American Retail Hardware Association (NRHA) is forecasting a total of 4.2 percent growth for the home improvement industry.
Growth for independent hardware stores tops at 4.8 percent, followed by home centers at 4.2 percent and lumberyards at 3.8 percent.
This cautious growth is due to multiple factors, including the changing political climate heading into 2016 and the student loan bubble reaching its bursting point. But the main concern is the fragile state of the economy. Economists are predicting a slight dip in the latter half of the decade.
However, independent home improvement retailers have reason to be optimistic that industry growth should outpace inflation.
These findings come from a 2014 NRHA Market Measure study and represent just some of the varied research the organization will be sharing with the industry at its first annual State of Independents Conference. The conference is scheduled for Dec. 10 at the Hyatt Regency O’Hare in Chicago.
This one-day conference will provide attendees with a wide-ranging picture of how independent home improvement retailers are faring in today’s market, what retailers see as their challenges to growth in the future and how they view their relationships with their manufacturing and distribution partners. The event will present this information through a combination of proprietary research, networking opportunities and panel discussions featuring leading independent home improvement retailers.
For more information about the State of Independents Conference, or to register and take advantage of discounted early-bird registration rates, please go to www.hardwareretailing.com/soic.
To learn more about the event or to inquire about any NRHA research, please contact DanT@nrha.org.