Retail Observer

RETAILOBSERVER.COM JULY 2015 12 place the same importance on stores having good sale prices and being organized. Yet they rate the importance of employees providing information for projects very differently, with baby boomers valuing that aspect the most." Pat Murphy, vice president of mobile relationship management for FunMobility, Inc., discussed how to best use mobile marketing to reach millennials. He talked about ways to engage millennials online through different forms of social media and how retailers could best market to this growing demographic. Continuing with the generational theme, Ruth Furman of ImageWords Communications shared some tips for generational target marketing. She discussed strategies to help independent retailers engage with customers of all generations. The next day's slate of speakers got off to a strong start with a panel that discussed the next generation of independent owners. The panel, which was moderated by Scott Wright, executive director of the Retail Leadership Institute with NRHA, included some of the industry's notable young retailers, who discussed key issues facing the next generation of owners. Will Aubuchon, vice president of sales at Aubuchon Hardware in Westminster, Massachusetts, shared his perspective on the challenges the industry and his stores are facing, especially when it comes to changes in customer service expectations for employees. "Customer service is evolving but you have to start with people first and foremost, so recruiting and training really good people is still highly relevant today," Aubuchon says. "Technology is playing a big role in what customer service means today. Putting the power more in the hand of the consumers." Next up on stage were Bill Brunelle of Independent We Stand and Dan Tratensek of NRHA, who presented the results of a new joint research project that looked at the financial impact independent home improvement businesses have on their communities. "There's no doubt that supporting local businesses is beneficial to a community," Brunelle says. "Previous research has shown that independently owned businesses provide substantial, quantifiable economic benefits. Our work with NRHA has produced some exciting results, which illustrate the impact specifically within the hardware, outdoor power equipment, paint and lumber industry. We are thrilled to share the findings of the Home Sweet Home Study and their potential impact on locally owned hardware stores." Gary Pittsford, CFP® and president of Castle Wealth Advisors, talked about one of the biggest topics in the home improvement industry: succession planning. Pittsford discussed the current state of succession planning among family businesses and how it will impact the home improvement industry in coming years. Creating a succession plan involves not only evaluating a business, but also determining who the buyer will be, and having some difficult discussions. "You have to look at who's going to be involved in the business and who is going to have control, which can be a touchy subject in some family businesses," Pittsford says. "It's a difficult decision when you have two or three kids in the company and you have to think if one should be a majority stockholder. Sometimes 50/50 works, but not always." For more information , please visit www.nationalhardwareshow.com. RO 70TH AN N I VERSARY A GReAT success

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