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Home improvement retailers must innovate to grow

Tags: Retail

Home improvement retailers have had a rough two years. And Michael McLarney, Editor of Hardlines, tells BNN the retailers will see flat to half a percent growth this year.

New innovations will be what will help the big home reno retailers. Rona lost market share to pre-fabricated home companies coming to Canada from the U.S. "Rona has come up with a pre-fab for its dealers to sell. So, those are the kind of innovations that are going to drive this retail sector."  

Big-box chains also need to look to expanded and revamped offerings to drive sales. He points to Canadian Tire going into appliances, as an example. "Everybody's looking to those pieces of the puzzle."

McLarney says he's seeing a lot of retailers getting into home décor and the home enhancement space. "We're seeing a lot of stores and companies like Home Hardware and IKEA saying 'what can we do for the small space?'"

He says Rona and Home Depot will be at the forefront of a comeback for the sector.

"They'll drive sales in the sector," McLarney says CTV Two CTV News CTV News Channel BNN - Business News Network CP24