Nicaragua: More Construction, More Hardware Stores

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.

Monday, February 13, 2017

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."

"... Added to the effect of the slowdown in construction, was an increase in the prices of construction materials."  Reynaldo Perez, second chairperson of the  Association of Hardware Dealers in Nicaragua (Afenic) and general manager of Tubal S.A., told that "..."This year less material was imported because there was a fluctuation in prices of products that depend on commodities, importers only purchased what was necessary because they didn't know if they were buying at expensive prices and tomorrow the price would go down again'."

"... The opening of several branches and entry of international franchises into the hardware sector represents significant competition for traditional hardware stores. In the view of Edgar Lugo, president of Afenic, this has not affected traditional hardware stores because "... he states that they are different segments from those that large hardware stores target."

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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.

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