Hardware Industry

Topics: Home improvement, Canadian Tire money, The Home Depot Pages: 2 (594 words) Published: April 13, 2013
Industry Analysis
Stores in hardware industry primarily retail a broad range of home improvement supplies and equipments. Most consumers purchase the products for private use. According to Statistics Canada (2011), the total number of establishments of hardware stores is 2462 in 2011. With 807 establishments, Ontario has the largest number of hardware stores (32.8%). Located in the heart of Toronto, Handyman Hardware has a competitive advantage as well as a greater challenge in respect of its location. Handyman Hardware is among the 163 micro size stores in Ontario, with 1-4 employees. Its competitors include large franchised hardware stores such as The Home Depot, Lowe's, Canadian Tire, and Home Hardware, as well as medium, small, micro, and non-employers hardware stores. This furious competition is the main challenge faced by Handyman Hardware. According to Statistics Canada, Hardware Stores industry generated $210.8 million profit in 2010(See Appendix). The average annual growth from 2001 to 2010 is about 1.7%, while the annual growth from 2009 to 2010 is 28.9%. Hardware Stores industry experiences a steady growth with rapid growth in recent years. This represents great business opportunity for both the Hardware Stores industry. The annual Canadian National Hardware Show held in Toronto increase customers’ interest in home improvement, creates great opportunities for the industry. The increasingly advanced technology enables the companies to operate more efficiently, cut costs, and develop a closer relationship with its customers. Goals and Missions

Handyman Hardware experience declining over the past five years due to its outdated system. With the ultimate goal of becoming a successful national franchise operation, there are several goals that will help the company to achieve its missions. Brand Distinction. To deal with the furious competition in Hardware Stores industry, it is critical for Handyman Hardware to differentiate itself among its...
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