2019 was an interesting year for the appliance retailers, especially when it came to adjusting to the price hikes from tariffs, but our Top 50 Major Appliance Dealers show how success can still be obtained during tough times by being resilient and agile.
The top three retailers, Lowe’s (#1), The Home Depot (#2) and Best Buy remained unchallenged in 2019, generating 71.63 percent of the appliance revenue in 2019. Of note, The Home Depot posted a 9.1 percent gain, creeping ever closer to Lowe’s position atop the throne. Best Buy also posted a significant gain of 10.6 percent, although remaining well behind the top two contenders. Lowes saw a respectable 5.3 percent increase in 2019.
Unsurprisingly, Sears posted the largest losses in 2019 as Sears (-82%) and Sears Hometown Store (-67.4%) continue to close down operations across the nation. For the first time ever, Sears has fallen from our top ten majap retailers, making room for top ten companies like Costco, P.C. Richard & Son, Nebraska Furniture Mart and Abt Electronics and Appliances to swoop in and provide service for former Sears customers.
Based on percentage alone, the best year-over-year growth successes on our Top 50 Major Appliance Dealers list include Hahn Appliance (#28) who saw an amazing 18 percent growth, University Electric (#43) who posted a 14.3 percent gain and Electronic Express (#49) with 12.9 percent YoY.
Additionally, Costco (#7), Pacific Sales Kitchen & Bath Centers (#14) and Warner’s Stellian Appliance (#21) each saw an encouraging growth of 12 percent in 2019.
Even with the positive year-over-year growth 37 out of our Top 50 Majap Dealers experienced, the industry dropped .9 percent in sales overall. Is Sears solely to blame? Certainly the continuous closure of the appliance giant will generate ripples for years to come in the industry, but TWICE sees opportunity for growth in 2020 as the Sears ship continues to sink, especially as the global pandemic sees consumers using and wearing out their appliances more during quarantine.
The entire report can be purchased here.
See also: Where Do We Go From Here?