Home Improvement & Hardware Retail Industry Overview

Companies that retail tools, building materials, garden supplies, and other items used in home improvement, maintenance, and construction.

Summary

Home improvement appears to be less a retail sector and more a movement. Consider this: When the ABC program Home Improvement debuted in 1991, The Home Depot's annual sales were about $3.8 billion and the company employed 21,500. In 2007 the #1 do-it-yourself -- DIY -- store operator in the US (ahead of rival Lowe's Companies) rang up sales in excess of $90 billion with 364,000 on the payroll.Home improvement has become a weekend hobby of millions of enthusiasts around the world.

Full Home Improvement & Hardware Retail Industry Description

Increased Services to Contractors

Historically Strong Market Growth

New methods of appealing to contractors include renting construction equipment, tools, and delivery trucks. Retailers like Lowe's and Home Depot hope to draw more commercial customers and increase walk-in sales by renting equipment.

Sales by home improvement retailers (including lumberyards) grew at an average annual rate of almost 10 percent between 2000 and 2005, according to Hardware Retailing. Expansion of large home center chains drove the majority of market growth, as sales in hardware stores grew slower. Even as growth in the residential real estate market corrects from historical highs, sales in home improvement retailers are projected to grow at an average annual rate of almost 6 percent through 2010.

Full Home Improvement & Hardware Retail Industry Trends

• Griffin Land & Nurseries, Inc.
• Sutherland Lumber Company, L.P.
• Tractor Supply Company

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Hoover's has developed its own industry classifications to better serve its customers. These classifications are mapped to the North American Industry Classification System (NAICS) and the older U.S. Standard Industrial Classification (SIC) system. The Home Improvement & Hardware Retail maps to a number of NAICS codes including:

Full Home Improvement & Hardware Retail Industry Codes

• American Hardware Manufacturers Association
  
• International Housewares Association
  
• North American Retail Hardware Association
  

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