After compiling the data for another year of the TWICE Top 100 Consumer Electronics Retailers Report, the story, once again, is that the most agile and astute retailers win.
Some of these top performers may take a hit for a year or two (see King Best Buy a few years ago), but they re-calibrate, adjust and improve. This year, despite tepid consumer demand and a lack of great steps forward in innovative new products, the strong continue to find ways to grow. It is really a case of astute retail management.
According to the Monthly Retail Trade Report published by the U.S. Census Bureau, the category of Electronics and Appliances Stores was essentially flat in 2017, with a -0.3 percent growth rate from 2016. Yet, those in the TWICE Top 100 category of Total Electronics/Appliance Stores grew over 5 percent. While the classifications may not perfectly align, the message here is simple — most of the retailers on the list continue to out-perform, even in the most difficult situations.
Aided by their less astute and wrong-thinking brethren, who are either no longer on the list or will likely drop off in the next year or two, the top performers adjust to grab new customers, develop winning omni-channel strategies and continue to serve consumers.
One may argue that it’s due to new online systems, pricing, brands or tactics, but is it just those? If it were, then anyone could do it. Credit belongs to the men and women running these retailers. They are the ones making the right decisions, working and negotiating harder, and finding ways to grow the top or bottom lines, or both.
It seems every story about retail these days is focused on talking about Amazon. Where are the stories of the real heroes of retail?
Bob Tancula is a principal of Senex, a Louisville, Ky.-based industry research and analysis firm founded in 2016 to provide greater clarity into markets, and opportunities for entities involved in product development, mergers and acquisitions, retailing and product design. Tancula has helped compile the TWICE retail rankings since 2006.