Liquidating more than the floor
Lumber Liquidators says it has about 10% to 11% of the flooring market in its wood categories — hardwoods and laminates — and a respectable 1% of all flooring. The company wants more, and one tried-and-true strategy is to broaden the assortment along with the product mix.
That includes tools.
“We are bringing in all the [tools] that you need to complete your project,” said president and CEO Robert Lynch during a Goldman Sachs investor conference in September.
At the helm of the effort is the chief merchant, Bill Schlegel. The company has expanded into vinyl and laminates, and its catalog has 51 new floors, Lynch said.
On the tool side, the merchandising team is optimizing assortments and looking for revenue. DIY installation starter kit buckets sell for about $30; oscillating multi-tools, laminate floor cutters appear along the old stand by floor nailers and staplers.
“The floor is the driver,” Lynch said, “but we want to make sure we are definitely giving the customer everything they need on that. And that will definitely increase tickets and help us with the comps, too.”