FEATURE: HARDWARE THE INDEPENDENCE WAY
Independent hardware shops are all about customer, community and loyalty, says Alison Roylance-White, Director of Hardware Retail Group.
L
ast year saw a reverse in fortunes for independent retail in the UK, as many larger chains struggled to survive
after the Covid lockdowns and local operators stepped in. While I hate seeing any business suffer, it was good to see corner shops, market traders and street vendors start to thrive.
Over 800 locally run retailers opened in the first half of 2021 while 5,251 chain stores closed - but after a tumultuous few years for retail in general, nobody sees steady waters ahead! Brexit, the ongoing results of Covid and an uncertain political landscape are all combining to impact on retail in general – costs of suppliers, staffing issues, lack of raw materials impacting on stock, the cost of living crisis – the list is long. It’s not all doom and gloom of course, people are still shopping, just differently. And this is the same for hardware. We’re still seeing the ongoing rise of e-commerce and the larger brands are responding, opening convenience and click and collect outlets to bring the high street and internet shopping together. It’s something that we are watching closely at The Hardware Retail Group as we look to expand our network of independent hardware stores: but we think local stores have a lot to offer. They’re different - and it all comes down to three things: customer, community and trust. I am a firm believer that without those three elements, a retail outlet will struggle. And you can’t create those things overnight.
Our most recent purchase, Black
Cat Trading in Sheerness, exemplifies this point. The lovely high street store has over 100 years of trading. We bought the business this year with the guidance and expertise of Jonathan Jay at Dealmakers - and from the start, Jonathan stressed how important it was to learn its whole heritage, as shops with heritage continue to stand out in challenging times.
Customer
The customer is king - or queen! Tribes European Merchant Insight Report showed that almost two thirds of e-commerce companies plan to open a store in the next three years in the UK. And the most common
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is within the community: schools, social groups, churches, car parks. Being involved is rewarding and a key standout for local retailers and we will be delighted to support our communities in ways that national chains cannot quite understand. There is a reason we are still seeing independent hardware stores succeed up and down the country.
Trust The reputation of a business can take years to build, and minutes to destroy. Strong communication and good HR goes beyond the four walls of your business. Customers and stakeholders, need to be kept informed news and this proved key when purchasing Black Cat. If you are buying a business, issue a letter to your key contacts, call and meet them as soon as possible. Send a positive press release to your local and trade media with good on-site photography (with the team). Ensure your social media communicates the same messages.
reason? Customer relationships. When buying an independent business, it’s vital to get to know the customers, as well as the team. It’s the role of the new owner to find out what those customers need, and continue to deliver it while making the whole experience even better: for example, providing the tech for a swifter payment process (although we won’t be getting rid of cash. We know how important cash is to many consumers!). Take the time to chat and find the right products, even it ends up a 10p screw or no sale at all. That customer will have had a good experience, remember it and recommend you. You don’t always get that from a bot.
Community
This comes down to location first, as B&Q’s new high street format shows. On opening a new, smaller Harrow store in November, the brand’s first messages were all about the company being part of
the community. Convenience is key for many shoppers and while online retail is seen as the ultimate in convenience, ‘popping to the shops’ is still best for offering a sense of community and delivering human connection, which is vital for mental health. While once perceived as more commonplace for the older generation, the rebirth of the high street has shown that this is the same for younger people too: a survey by Opinium for Adyen showed that it was millennials leading the return to the high street post-pandemic and with 73% of millennials take on DIY projects, according to Comfy Living, this provides a great opportunity for us. That large community of younger people need staff in a local store who will understand their needs, order things in advance, recommend new items and provide expert advice that taps into latest trends. The location of high street shops places them in the heart of a community, so we look at what else
If a company has a strong brand name, don’t rush to change it unless absolutely necessary. You could alienate some of your loyal audience and increase costs, having to activate that new brand across all channels. If you do rebrand, can the existing company name be part of an umbrella group? This gives a nod to the heritage while providing synergy and a feeling of community. That’s what we aim to do.
Buying an independent hardware
store is very different to starting one from scratch. It’s the same as buying any business, as Jonathan Jay told us! The company already has the infrastructure, the customers, the cash flow and the team. You are not starting from scratch, instead you are building. So your role as a new owner is to add to that business and improve it, not to come in making immediate sweeping changes. As we grow our group of independent hardware outlets, we’ll be building on the individual personalities of each one. That’s the way to thrive. Customer, community and trust.
NOVEMBER 2022 DIY WEEK 17
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