Seitz to retire from Robert Bosch
Mount Prospect, Ill.-based Robert Bosch Tool Corp. has announced that Manfred Seitz will retire at the end of March 2011 as chairman, president and CEO after 34 years leading several different divisions of the Bosch Group.
The company said Terry Horan will succeed as president and CEO, effective April 1, 2011.
Born in Frankfurt, Germany, Seitz joined Bosch in 1977, after completing a degree in economics, and began his career in the Blaupunkt division. He had increasingly critical roles in various Bosch divisions around the world, spending the last seven years in the United States at Power Tools.
Horan has led the worldwide Rotary Tool business of the Robert Bosch Tool Corp. for the past six years and is a 25-year veteran of the home improvement industry.
Horan has spent 13 years with Bosch Power Tools leading both the SKIL brand during the Emerson Electric–Bosch joint venture period and, more recently, as president of the Rotary Tools business, which includes Dremel and RotoZip.
Northern Virginia hardware store buys plaza
Rankin’s Hardware, a three-store True Value member in Northern Virginia, has agreed to purchase the shopping plaza where its Colonial Beach store is located, according to fredericksburg.com.
According to the article, the hardware store chain purchased the location for $2.7 million when the bank offered generous terms. Aside from Rankin’s, the plaza houses a Dollar General, Papa John’s Pizza, Sweet Tastin Bakery, East Coast Physicians, PC and Memory Lane Gift Shop.
The company also hopes to renovate a 15,000-sq.-ft. portion on the southern end of the plaza, which requires a new roof.
Tool storage by the numbers
Consumers are spending less money — nearly 20% less — on tool storage, according to data from Port Washington, N.Y.-based The NPD Group. In the 12 months ended Oct. 31, dollar volume fell to about $480 million, down 19.9% from the prior year. The decline is far from shocking in a difficult hardware environment. By themselves, tool storage products don’t fix leaks or repair roofs. But try doing multiple home improvement projects without them.
Analysis: Specialty stores and hardware stores appear to be doing the best job growing their dollar share of tool storage spending. On a unit share basis, the story is similar, with hardware stores gaining 3.5 percentage points and specialty stores gaining 5.3 percentage points over the 12 months ended Oct. 31, 2010.
Analysis: The sweet spot, based on the above data, is the 18- to 34-year-old in the $15K to $30K income range. This makes perfect sense, as it describes a young homeowner just beginning to collect tools. The 35 to 44 and the 65-plus age groups are showing growth.
Analysis: As “portable plastic” weighs in as top type of tool storage and the reason for retailer shopped varies by channel, one common denominator for all purchases is increased use of the Internet as a research tool. “Roughly 34% of consumers performed at least some research before purchase,” said Mark Delaney, director of home improvement, NPD. “The Internet was the main method — accounting for 43% of research performed.”
Methodolgy: NPD data are based on a monthly tracking of nearly 70 categories and 30,000 opt-in consumers. The 2010 data above come from the 12 months ended Oct. 31, 2010.