Many independent home improvement retailers are looking to expand their businesses by adding store locations, which bring new customers, new product mixes and new opportunities.
Recent data gathered by the North American Retail Hardware Association (NRHA) shows that more than a quarter of independent retailers plan on expanding their existing locations in the next three years. One-fourth of respondents also indicate they plan to add a new location within the next three years.
This growth suggests that the independent market is thriving and consumers are turning to independent retailers for their home improvement needs.
Applied to Retail: Expanding a business comes with many challenges—and running a new second location, adding even more stores or making significant expansions within an existing store require careful thought and consideration.
Learn how other retailers have grown their single-store businesses to multistore operations in this Hardware Retailing article.
You can also download a store expansion guide to help you better understand what you need to think through when planning for your business’ future.