After a seismic year in home improvement retail, understanding how your performance compares to industry peers is more important than ever.
The North American Hardware and Paint Association‘s 2021 Cost of Doing Business Study is now available. The study has been conducted annually for more than 100 years and collects detailed financial information from hardware stores, home centers, lumberyards and paint stores.
“With a resource like the Cost of Doing Business Study, you can see how well you’re doing compared to the industry. Tracking your metrics without something like the Cost of Doing Business Study is like having a map without a compass, no true sense of direction,” says Brett Thorne, operations officer for Thorne Lumber
The Cost of Doing Business Study is designed to help independent home improvement retailers understand how their businesses compare financially to typical and high-profit operations—and to help retailers make informed decisions for their operations. This year, more than 1,000 retailers participated in the study.
“This study is such a valuable tool for retailers of all sizes,” says Dave Gowan, chief financial officer and executive vice president of business services at NHPA. “You can compare your operation’s performance across dozens of metrics, from transaction size to sales per square foot and more. And you can compare how your operation performs compared to typical and high-profit operations. This kind of data can be critical to turning around a business or further accelerating growth.”
Get the Latest Industry Insights
The 2021 Cost of Doing Business Study is now available. Visit the North American Hardware and Paint Association online now to purchase a copy and track the independent home improvement industry’s performance across a monumental year.