Nationwide Execs: ‘Prepare for Share’ is Paying Off
Jeff Knock, CCO, remarked that continuing challenges facing Sears and hhgregg, together with the benefits offered through Prepare for Share, were creating “a combination of opportunities across different categories,” that would be factors in Nationwide dealers’ success this year.
“As Sears closed stores, our bedding dealers did better,” said Bilas. And Knock pointed to how well the category had caught on with CE dealers in the group. “Over 65 percent of electronics/appliance dealers are carrying furniture and bedding – up from point zero five years ago. It’s been a godsend to them” in margin and customer base increase. Bilas observed that in many cases, those dealers are allocating real estate formerly devoted to bulkier TVs, gaming, music software, and PCs to it – and it’s stepping up frequency of customer visits. “If you’re an appliance store, you might see a customer every 24 to 36 months. If you have electronics, maybe that’s 18 months. But with bedding it could be every six months. It increases foot traffic and creates stickiness.” He also said that members with well-merchandised smaller-footprint stores of 7,500 to 10,000 square feet were faring well, proving that “bigger is not necessarily better.”
Knock said that, since the group’s last PrimeTime! event, membership’s appliance sales were up 14.8 percent year over year while the industry’s were up 6.4 percent. “Analytically, members who have embraced the Prepare for Share [program] were up well over 20 percent. We can measure by market, category, brand and SKUs exactly how we’re performing against the industry and where they’re taking share.” He noted that 11 vendors at the show were fielding Prepare for Share assortments and SKU groups that support the program. “Prepare for Share has been an 18-month journey and vendors have been in full support.”