Weekly Industry Insights — 08/23/24
Independent Home Improvement Conference/Beacon Awards Set to Kick Off Next Week
The 2024 Independent Home Improvement (IHI) Conference, held at the JW Marriott Marco Island Beach Resort from Aug. 27-29, features a highlight with the Beacon Awards ceremony. These awards honor the top independent hardware retailers, recognizing innovation, community engagement, and excellence in the industry. The IHI Conference includes keynote speeches from notable speakers like Daniel “Rudy” Ruettiger and Al Comeaux. The conference combines educational sessions, networking opportunities, and celebrations like the beach-themed event hosted by Orgill and with entertainment provided by Do it Best. For more information about the IHI Conference, visit the conference website. Learn more about the Beacon Awards here.
Aubuchon Company Acquires 4 Mott Family Ace Stores in Pennsylvania
Westminster, Mass.-based Aubuchon Company is set to acquire four Ace Hardware stores in Pennsylvania that are part of the Mott Family of Ace Stores. The acquisition will close in October 2024, bringing Aubuchon’s total to 123 stores across nine states. The first Mott Family of Ace Stores opened in Pennsburg, Pa., in 2005. The company expanded to Phoenixville, Pa., in 2014, Royersford, Pa., in 2020, and most recently, Dublin, Pa., in spring 2024. The stores will continue operating under the Ace Hardware brand.
Economic Pressures Shape Home Improvement Retail Trends in Q2 2024
Q2 2024 brought mixed results for the home improvement sector. Home Depot saw a 1 percent sales increase but faced a 3.3 percent drop in global comparable-store sales. Lowe’s reported a 5.1 percent decline in comparable sales, with DIY spending under pressure but growth in its pro segment. Tractor Supply posted a 1.5 percent sales increase, focusing on customer relationships and seasonal merchandise. Economic challenges persist, emphasizing the need for independent retailers to adapt by targeting professional contractors and managing costs strategically. For more details about the second quarter earnings reports from Home Depot, Lowe’s and Tractor Supply, see this Hardware Connection news article.
Ace Hardware Sees 3.1% Revenue Growth in Q2 2024, Net Income Declines
Ace Hardware Corp. reported record second-quarter revenue of $2.7 billion, a 3.1 percent increase from the previous year. Despite this growth, net income decreased to $114.4 million, largely due to planned increases in marketing and retail expenses. The quarter also saw a 16 percent rise in digital business and the addition of 110 new stores, bringing Ace’s total to more than 5,000 stores worldwide. Same-store sales among U.S. retailers fell by 1.7 percent, driven by a decrease in transactions, partially offset by a slight increase in average ticket size. For more information about Ace Hardware second quarter earnings, see the company’s press release.
Channellock Awards $5,000 Prize to Central Wisconsin Christian School’s Trade Program
Channellock, Inc. has announced Central Wisconsin Christian School as the winner of its sixth annual Trade School Trade-Up Competition. The school’s industrial education program will receive a $5,000 cash prize, a complete set of CHANNELLOCK® tools, and a classroom makeover. This competition supports closing the skilled trades gap by recognizing programs that demonstrate excellence in training future trades professionals. Channellock’s President and COO Jon DeArment emphasized the company’s commitment to inspiring the next generation of skilled workers through this initiative. For more about this year’s winner, see the company’s press release.
To learn more about the CHANNELLOCK® Trade School Trade-Up competition and how the company is helping support America’s future trades professionals, visit: channellock.com/tradeup.
ECI Software Solutions Recognized for Outstanding Corporate Social Responsibility
ECI Software Solutions has been honored with the 2024 Tech Cares Award from TrustRadius for its exceptional Corporate Social Responsibility (CSR) initiatives. This award highlights ECI’s commitment to community support, employee well-being, and impactful volunteerism. Key initiatives include the ECI Cares Program for financial assistance, the Community Heartbeat Program supporting social causes, and the annual Global Well-Being Day. Andrew Pryor, ECI’s chief human resources officer, emphasized the company’s dedication to fostering a positive work environment and making a meaningful impact on both employees and communities. For more information about ECI receiving the 2024 Tech Cares Award, visit the company’s press release.
