Retail Hardware Store Business Plan

Clara's Hardware Store

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Executive Summary

The demographics of home ownership has changed radically in the South Gate section of Gilmore.  Today, over 40% of the area's homes are owned by women.  In addition, 60% of the area's rentals are owned by women.  More often than not, it's a woman who will now head to the hardware store for repair parts and advice. Today's hardware store, which more and more are dominated by the mega-store chains, are cold, uninviting and usually involve more driving time.  Clara's Hardware is uniquely positioned to take advantage of this new fact of life.  Conveniently located to serve the South Gate area, Clara's Hardware offers parts, material, and advice to tackle any home repair, as well as lawn care. The focus is on helping the customer identify what they want as soon as they enter the store. 

Through the use of a selection of hardware goods, superior personal customer attention, and reasonable prices, Clara's Hardware will capitalize on this incredible opportunity. A location has been secured that offers very good foot traffic and easy accessibility. The store will efficiently lay out the store to increase sales and give the customers the upmost in attention. The projected growth rate for Clara's Hardware is quite steady. The store will reach profitability by month six and will have revenue of approximately £100,000 by year three.

1.1 Mission

The mission of Clara's Hardware is to offer quality hardware products in a customer-friendly shopping environment. Our customers will get assistance quickly and will leave the store prepared to get the job done right the first time. Clara's Hardware will also focus on anticipating the seasonal needs of its customers and providing the best products at competitive prices.  Most importantly, Clara's Hardware will make the additional 15 minute drive to a mega-hardware store, too far to go and too expensive to entertain.

1.2 Keys to Success

• Location:  Clara's Hardware is located in South Gate Plaza.  The foot traffic in the plaza is very strong.  The plaza's primary tenants are the area's successful supermarket, drug store, and appliance store.  South Gate Plaza has easy access points on both of the area's major cross streets and is the biggest shopping center in South Gate's  residental area. The closest hardware store to the South Gate area is a twenty minute drive.

• Seasonal Products: Each season has it own unique demand on a homeowner.  Clara's Hardware will focus on this pattern and bring in local customers by marketing these items at competitive prices.

• Repair/Project Resource Area: The first section customers will find when they enter is a repair/project resource area that they can use to plan repairs or projects.  There will be a repair/project resource person to answer questions and direct them to the section of store where the needed products are. 

• In-Store Expertise: Store employees will be knowledgeable in home repairs/projects.  In addition, the repair/project resource area will be used to conduct short trainings and demonstrations in home repair and home projects.