Hardware in Cedar Rapids: Why You Should Care
Here at Chain Store Guide, we recently finished up work on a number of new industry-based market share reports. And like the data geeks that we are, we couldn’t wait to see what they can tell us. Starting with this Exclusive, we’ll begin passing along a few of our findings from the 2016 Hardware Stores Market Share Report.
Cedar Rapids, Iowa stood out when we took an initial look at the data. Go figure.
It stood out because it’s a midsized market with $170+ million in hardware retail sales by our estimates with a relatively diverse group of chain retailers and healthy level of competition. From the top, the two dominant companies barely capture 50% of the market, a percentage that is more often 60%, 70% or 80%. And one of those companies is Menards – a presence that often keeps Lowes and Home Depot on their toes in the Midwest.
Beyond the top three, we see
A historical and strong regional chain in Theisen’s
A significant number of stores aligned with major buying/marketing groups (Ace, Do it Best! And True Value)
The entry of Harbor Freight and United Rentals into the market
Tractor Supply doing it’s bit with an estimated $4 million in sales annually
A number of smaller format and specialized retailers
The Cedar Rapids Core Based Statistical Area is also large in geographical terms (encompassing three counties), a factor that helps support more local and mid-sized retailers with comparatively modest sales expectations.
Taken together, the presence of such a diverse mix of offerings in a market is notable.