True Value Reunion convenes in Houston
Attendees came to the George R. Brown convention center in Houston to hear a business update from True Value senior leaders about the state of the company.
“We’re celebrating 75 years of our True Value brand,” said Chris Kempa, CEO, to set the tone. “We are here to work harder – and smarter.”
A video montage flashed scenes of the many faces of the business over the decades, starting in 1948. As it ended to cheers from the full house of attendees in the audience, Kempa introduced Kim Peffley, director of organizational development and consulting for the National Hardware and Paint Association.
She described her lifetime in the hardware business: “I learned retail best practices in my family hardware business.”
Peffley said to the audience: “Here’s the one question I ask hardware owners: ‘Are you working on your business, or in your business?’ This is what I always ask first when I’m consulting.”
She told the crowd to, “review your product assortment continually and make sure you’re priced competitively.”
Both her and Kempa made this refrain: “Buy smart; use your partnerships; and utilize your buying cooperative.”
Invite your customers back, she said, “use social media to be proactive in all you do.”
Next on stage, Jake Kalnitz, SVP, merchandising, inventory and pricing said to the audience that their goal is for customers to “come to your store and have that great experience.”
He said that partnering, such as with GE Lighting, is a way to grow those average ticket prices. And that’s why new assortments, such as farm and ranch, show how they understand what the local market wants.
He pointed out that they are growing with more impulse assortments such as candy, nuts and popcorn.
This reporter chatted with the Tootsie Roll manufacturers rep who said they have a bigger presence here than ever before and True Value is out to offer more in candy assortments.
Back on stage, Kalnitz said that True Value is, “analyzing Point of Sale data using AI to grow gross profit margin, and in their trial stores that is working.”
Kelly Megel, SVP marketing took the stage and said that they are offering marketing bundles that included 2024 events and product specials so store owners will know ahead of time what’s coming next year for better planning.
She said to the large audience: “You are the experts in your hardware space. You provide the expertise in the customer’s neighborhood.”
A graphic flashed brightly on the big screen in the dark auditorium with these words: We’re Here For You.
True Value is currently planning a national campaign, so customers can make a “path to your store,” said Megel.
Last on stage before the crowd broke for the show floor was Eric Lane, SVP, sales, with 35 years experience with True Value, someone who has seen all the shifts and growth.
Lane said that True Value has invested $10 million this year in opening new stores and refurbishing existing stores.
He ended the keynote with this statement: “In 2024, we plan to make a $20 million investment in order management and warehouse management.”
The statement received a standing ovation.
