hendren global group analysis, the diy market – how retailers are fighting tough conditions

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  • 7/28/2019 hendren global group analysis, The DIY market How retailers are fighting tough conditions

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    HENDREN GLOBALGROUP

    http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.article

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    analysis: The DIY market Howretailers are fighting tough conditions Source

    A depressed housing market, unseasonal weather and a shift in consumer spend mean the DIY market has shrunk. How can retailers fix the problems?

    The Brits have long been considered a nation of DIY-lovers. In the mid-1990s TV shows such as Changing Rooms had as many as 10 million viewers gluedto the box each week to discover the latest trends in wall stencilling and mosaicmirrors.

    The obsession with beautifying homes lasted for years and led to the DIYmarket ballooning to 9.76bn by 2004, according to Verdict research.

    However , last year that figure had shrunk to 7.54bn and the sectors woeswere reflected in B&Q owner Kingfishers first -quarter update last week.

    Everything from the weather to the economy has been blamed, but is itreally that consumers are falling out of love with DIY? And if so, what effect willthis have on home improvement retailers?

    http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.article

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    Conlumino managing director Neil Saunders believes the DIYsector faces a structural challenge because consumer interest in it is waning. Hesays: Consumers look unfavourably on DIY, either because they lack the skillsto undertake various tasks or they simply lack the inclination to get involved.

    The do-it-for- me (DFM) trend - where consumers hire tradesmen tocarry out jobs for them - is gaining more traction.

    In a note last week Cantor Fitzgerald analyst Kate Calvert highlightedthat this presents a challenge for market leader Kingfisher, which suffered a first-quarter group like-for-like decline of 4.2%. That followed its first profit fall in

    five years for the 12 months to January 31.Calvert says: The structural issues that Kingfisher faces are real. In the

    UK, underlying DIY sales have been in decline over the last decade as there is amarked shift from DIY to DFM .

    http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.article

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    SCOPE FOR RECOVERY?

    However, Kingfisher group chief executive Ian Cheshire insists the DIYmarket does not face a structural challenge.

    He instead links the decline in DIY spending to the depressed housingmarket; fewer people are moving house so fewer people need to install new bathrooms,

    hang new doors or wallpaper their bedrooms.I dont think the data is there to make that [structural] claim, Cheshire tells

    Retail Week. DIY spend has been suppressed because first and second -time buyershavent got on the market .

    Investors seem to back Cheshire. Despite Kingfishers disappointing figures,the DIY giants share price climbed on the day of the update. The market has decidedthe recovery is coming and were going to be in good shape, maintains Cheshire .

    Panmure Gordon analyst Philip Dorgan says: Investors think that as thehousing market recovers Kingfisher will be one of the beneficiaries. Large investorsview is that DIY isnt dead.

    http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.article

    http://blogrr.net/tag/latest%20hendren%20global%20group%20fact%20reviews/http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://blogrr.net/tag/latest%20hendren%20global%20group%20fact%20reviews/
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    Dorgan says US investors in particular see scope for a Kingfisher recovery after the retailers larger American equivalent Home Depot bounced back from its own blip five years ago.

    Like the UK now, Dorgan points out, some US observers were beginningto write off DIY because of factors including the rise of online retailing . Sales atHome Depot dipped from $77.3bn (50.5bn) in 2007 to $66.2bn (43.3bn) in 2009as the credit crunch hit. However, sales steadily recovered when housing

    transactions improved, and are now at $74.8bn (48.9bn). Dorgan adds that salesand profits will respond to a move in housing transactions at Kingfisher too .

    http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.article

    http://celiavazquezdotnet.wordpress.com/http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://celiavazquezdotnet.wordpress.com/
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    HELP IN HOUSING

    An improvement in housing transactions may not be too far off, according toCheshire. He expects the housing market to improve this year, partly as a result of Government initiatives such as the Help to Buy scheme.

    The housing market is an important swing factor - if you get a feeling there aremore skips in the street and more signs to sell and people get a little bit more confidentabout the value of their home then they are much more likely to say OK, the pressure isoff, says Cheshire. It might be the swing factor this year.

    But he cautioned that any uptick in the housing market would flow through tothe DIY sector slowly. Its probably six months away, he says.

    Topps Tiles also last week reported a decline in sales . Like-for-likes fell 2.6% in

    the eight weeks to May 25. Topps chief executive Matt Williams says a deterioration inconsumer confidence means discretionary purchases such as tiles are under pressure.

    He agrees that any uplift in housing transactions would boost sales. It shouldnt be underestimated, the effect it has on consumer confidence seeing their house prices goup. That could give us a boost, he says.

    http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.article

    http://www.metacafe.com/watch/10511310/latest_hendren_global_group_fact_reviews_storify/http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.articlehttp://www.metacafe.com/watch/10511310/latest_hendren_global_group_fact_reviews_storify/
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    RAIN STOPS PLAY

    There is a third reason why DIY sales have suffered, particularly in the lastyear. It is the thing that retailers love to hate, and none more so than those sellinghome and garden products - the unpredictable British weather.

    This year more than most retailers have had cause for complaint. The mean

    temperature in March was 2.2 C, and normally its closer to 5.5 C. The spring was thecoldest for 50 years. There was even snow in Shropshire, Devon and Cornwall inMay.

    No wonder sales of hanging baskets were down 23% and greenhousesdeclined 52% in B&Qs first quarter.

    Kingfisher even attached a graph to last weeks statement showing thevolatility of sales week to week because of the weather. Cheshire notes Kingfisherssales went from a really good March last year to really bad this year.

    He says: Its why we put the graphs in - to show that you dont go from +15to -15 without something happening .

    http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.article

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    However, Cheshire is confident that when the weather improves so toowill the sales. Do I read this as a pattern for the year? No. When the sun came outso did the numbers, he says.

    Dorgan concedes the poor weather has been a big factor in Kingfishers

    recent sales decline. But he also says the retailer is being questioned by the City because 11 out of the last 13 of B&Q UK and Irelands quarters have beennegative on a like-for-like basis.

    So what can DIY retailers do about abysmal weather, depressedconsumer spend and a terrible housing market?

    There is not much they can change about the climate. What they can do,however, is restructure their businesses to better cope with volatility.Homebase has worked hard to try to shield itself from the changeable

    weather by switching adverts to suit conditions and using a predominantly UK supplier base, which makes it easier to delay stock.

    http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.article

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    There are other approaches retailers can take to tackle the decline in themarket. A greater focus on trade could help offset any weakness on the retail side,

    particularly if the DFM trend continues.

    Kingfishers multichannel trade business Screwfix is increasingly viewedas the jewel in the groups crown, and more counters are being rolled out acrossthe UK. B&Q also operates the Trade Point business within its stores and hasrelaunched the website.

    However, Cheshire says the trade side of the business has not seen a bounce in sales that would suggest a rise in the DFM trend just yet.

    Were not seeing trade take a big slice, he says .

    http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.article

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    WORKING WITH TRADE

    In a move that marries the trade and retail aspects, B&Q has launched thenew Homefit service. B&Q puts customers in touch with vetted local tradesmen toundertake tasks such as floor installation, lock and alarm replacement and boiler installation.

    Cheshire says B&Q has offered similar services for a long time but thatHomefit is a really determined national attempt to break into it. He adds: Wevealways been a mixture of DIY and DFM. Not many of our kitchen customers fittheir own kitchens.

    B&Q UK & Ireland chief executive Martyn Phillips believes the answer

    to driving top-line growth lies in offering a mix of DIY, DFM and trade.Nobodys got all three covered, he says. He argues that other retailersin the sector are giving up on DIY, which provides B&Q with an opportunity.Theyve got caught up in DIY is dead but theres still a large market, he insists.We can be very strong in that, in a market people are moving away from.

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    Retailers are working hard to build the DIY market in the absence of any helpfrom the economy. Were constantly looking at that question - how do you drive it?says Cheshire. We need to grow both our short -term sales and share, and grow themarket. Kingfisher aims to do that by putting a strong emphasis on product innovationand customer service initiatives such as DIY masterclasses.

    Topps Tiles and Homebase have also tried to stimulate the market, by tappinginto consumers thirst for inspiration.

    Both have installed inspiration stations in their stores. Topps Tiles has focused too on new product to woo this inspiration-hungry

    customer. We dont see it as a short -term trend, says Williams. Were doing

    everything we can to capitalise on it. Were driving the top -line with new productdevelopment. On average were bringing in a new range a week.

    Most of the bigger retailers are also trying new store formats. Topps Tiles hasopened a lab store in Milton Keynes, while B&Q is testing initiatives including kiosksat its own lab store in Poole.

    http://www.retail-week.com/sectors/home-and-diy/analysis-the-diy-market-how-retailers-are-fighting-tough-conditions/5049655.article

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    Homebase, which suffered a 52% slump in benchmark operating profit inthe year to March 2, is rolling out the new format piloted at Aylesford, whichfeatures more furniture lines through its sister brand Habitat.

    It is also pushing online operations by introducing more lines and

    improving delivery options to include next and named-day delivery. DIY retailersare traditionally behind the curve when it comes to ecommerce. Online salesaccount for 5% of total sales at Homebase and represent an even smaller

    proportion of B&Qs sales. Homebase managing director Paul Loft says: We want to give the full

    customer experience. Well be experimental. Do people want it, how much will people pay for it?

    Loft says Homebase will connect the web offer to stores by rolling outwi-fi across the estate.

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    SPACE EXPLORATION

    DIY retailers, which traditionally operate giant 100,000 sq ft stores, are alsodownsizing their estates to better reflect the changing consumer environment.

    Both Wickes and B&Q have been seeking to sublet space to other retailers.B&Q has done deals with 15 retailers, including Asda and Morrisons, and is nowawaiting planning approval before going ahead. If we get all these away we will be

    doing deals on 4% of our space so thats a pretty decent start, says Cheshire. Then wellfind the next 20 stores.

    Cheshire has previously said that Kingfisher could make the same money with20% less space, and aims to downsize further stores.

    Dorgan believes that, while DIYs margins of about 5% can improve and thatsales densities will get better as the market bounces back, the market will never be what itwas. We wont get back to the peak times of Changing Rooms, that time is gone, alongwith the 10%- plus margins.

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  • 7/28/2019 hendren global group analysis, The DIY market How retailers are fighting tough conditions

    14/14

    Home enhancement retailers might pray for settled weather, or even for LindaBarker and her crew to start filming a new home improvement series.

    Given there seems little prospect of either, self-help will remain the focus- and there are opportunities for retailers to take as much control as they can of their own destinies.

    end of slide ^^

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