Mitch Gould, founder and CEO of Consumer Products International
BOCA RATON, FLORIDA, UNITED STATES, August 6, 2024 /EINPresswire.com/ -- The home improvement sector in the United States has witnessed unprecedented growth over the past two years. However, high demand for supplies, inflation, and increasing online competition have put pressure on home centers to pursue innovative solutions to stay relevant.
According to The Farnsworth Group, home improvement sales in the U.S. reached approximately $540 billion in 2021, with projections to surpass $620 billion by 2025. The North American Hardware and Paint Association (NHPA) forecasts a 4.6 percent compound annual growth between 2019 and 2024. The surge in DIY sales during the pandemic, driven by homeowners focusing on residential living spaces and having more time for projects, significantly benefited the home improvement retail industry across DIY, DIFM (Do It For Me), and Pro buyer segments.
Leading chains like The Home Depot, Lowe’s, 84 Lumber, and Tractor Supply continue to dominate sales, while Ace Hardware and Menards rank high in customer satisfaction despite having smaller market shares. Independent home centers and retailers have also experienced strong sales, with less than a one-percent closure rate during the pandemic. However, the profitability of hardware stores, home centers, and lumberyards over the past year can be attributed to high order volumes paired with staffing shortages, a trend that is not sustainable in the long term.
Mitch Gould, a veteran in the industry, emphasizes the importance of relationships and strategic positioning in this evolving landscape. “I first started selling into Home Depot and Lowe’s decades ago,” recalls Gould.
Having sold to every major retailer, including Lowes and Menards, Gould’s extensive experience and connections are crucial for positioning brands for purchase.
“We have deep relationships with key executives and decision-makers across all distribution channels, including food, drug, mass, warehouse clubs, health and nutrition stores, and online,” Gould stated.
Consumer Products International specializes in helping companies launch and market new and existing products throughout the United States. CPI works closely with brand developers, manufacturers, and retail outlets to ensure a smooth transition from product launch through consumer purchase. For more information about Consumer Products International and its upcoming initiatives, please visit consumerproductsintl.com.
MORE ON CPI AND ITS FOUNDER
Consumer Products International specializes in helping companies to launch and market new and existing products throughout the United States. CPI works closely with brand developers, manufacturers, and retail outlets to ensure a smooth transition from product launch through consumer purchase.
Mitch Gould, the founder of CPI and IDM, is a third-generation retail distribution and manufacturing professional. Gould, known as a global marketing guru, has represented icons from the sports and entertainment worlds such as Steven Seagal, Hulk Hogan, Ronnie Coleman, Roberto Clemente Jr., Chuck Liddell, and Wayne Gretzky.
Mitch Gould, founder and CEO of Consumer Products International
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