The union of hardware stores reported a 12% increase in sales in 2016, in a sector where competition is growing with the arrival of foreign franchises and the opening of new branches.
After a very successful 2015, the hardware sector had projected sales growth of 20% in 2016, however, a slowdown in the construction of buildings suffered from midyear prevented the goal from being reached.Despite this, an overall increase of 12% was achieved due mostly to "... maintenance in businesses and homes, agreed the sources."
The total number of hardware stores registered with the Treasury increased from 3,913 in 2013 to almost 4,400 at the end of 2015.
In light of the arrival of international of hardware chain stores, companies founded on local capital are using the strategy of providing added value and better services in order to garner customer loyalty and keep their presence in an increasingly competitive market.Figures from the Ministry of Finance reported an 12% increase in the number of hardware store branches between 2013 and 2015.
From 8 to April 10, suppliers of building materials and hardware will be meeting in Managua to participate in conferences and develop business partnerships.
The Association of Hardware businesses in Nicaragua (Afenic) through its president Edgard Lugo is convening Expo Ferretera 2016, to be held in Managua on the 8th, 9th and 10th of April and will feature about 85 exhibitors.
The dynamism of the construction sector is driving growth in the hardware sector which consists of about 1,000 companies that generate annual sales of between $300 and $350 million.
The strong and sustained growth of the construction sector in recent years has been the engine of the hardware store business in the country, major suppliers of materials and equipment to construction companies. Data from the Hardware Association of Nicaragua (Afenic) indicates that the the number of companies engaged in the activity amounts to 1000, which as of August reported they had 28,098 insured workers.
The Commission to Promote Competition in Costa Rica has approved the purchase of 100% of the shares of the company Incesa by OC International Hondings.
Elfinancierocr.com publishes "The request made by OC International was presented on May 7 and once the required documentation had been submitted they proceeded to analyze the appropriateness of the transaction in the light of the provisions of the Competition Act."
While in the past 10 years 150 hardware stores closed down after the arrival of large players, the franchises Construrama and ConstruRed have expanded.
Both companies use a franchise model that seeks to connect manufacturers of hardware products and building materials with small and medium hardware stores to better compete with the larger scale of EPA and Grupo Progreso.
The exhibition trade fair for hardware and building materials, ‘FerretExpo’, is expected to be attended by 50 companies and to generate businesses worth more than $10 million.
For the tenth consecutive time the FerretExpo event is taking place in Guatemala, an occasion on which representatives from the hardware industry in the country present their products, do business and form partnerships with national and international clients.
With an estimated investment of $ 12 million this year, the Venezuelan chain opens its first store in El Salvador.
Located in the municipality of Soyapango (seven miles east of San Salvador), the hardware store will open next May, employing 190 people.
Ignacio Vieto, general manager of the chain in Costa Rica, also referred to the forthcoming opening of the fourth store of the chain in Costa Rica, located in Colima de Tibas. The opening is scheduled for May.
From 13 to 15 June, Costa Rican construction and hardware businesses will hold meetings with their Panamanian counterparts.
The event includes visits to several hardware and construction materials suppliers such as Cochez, Novey, Doit Center and Casa de los Materiales, enabling Costa Rican businesses to compare prices with the Panamanian competition.
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