Home Improvement Stores

Bay Area hardware stores battle through a crazy year

In San Francisco, the pandemic and subsequent economic downturn have hit many local businesses like a ton of bricks. But for a select few sectors, business has been booming, from the grocery stores that saw mobs of panic-buyers to the gardening centers overwhelmed by bored quarantiners starting victory gardens.

So, what about our neighborhood hardware stores, trustworthy bastions of power tools and cleaning supplies? Are they crazy-busy from the legions of people taking on home improvement projects, or struggling to survive? Four of our favorite local spots told us how they’re doing, from enduring multiple burglaries to seeing soaring sales on unexpected items.

Cliff’s Variety

While business has generally been OK in 2020 at Cliff’s Variety in the Castro, general manager Terry Asten Bennett said they’re forecasting a rough fourth quarter. A lot of the store’s sales come from gifts, souvenirs and seasonal items, and with Halloween effectively canceled and the December holidays up for debate, it could be a tough three months. Sales in September were trending 10% down, when they had only been 5% down over the summer months.

“It’s a balancing act,” Asten Bennett said. “I’m so grateful we got to be open this whole time but it still really hurts. Normally our fourth quarter carries us. We’ve forecasted a bad Halloween.”

While certain department’s sales are up — she said jigsaw puzzle sales have grown 300% — she said the lack of tourists buying gifts, souvenirs and novelty items is hurting their bottom line. She also said school supply sales have been down as kids stay home for distance learning. Most of all, Asten Bennett said she thinks some people are still just scared to go to stores and are choosing online shopping over a traditional retail experience. “We’re also getting really hurt by the Amazon

Home Depot Inc (NYSE:HD) Shares Sold by Gofen & Glossberg LLC IL

Gofen & Glossberg LLC IL lessened its holdings in shares of Home Depot Inc (NYSE:HD) by 1.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 79,788 shares of the home improvement retailer’s stock after selling 793 shares during the period. Gofen & Glossberg LLC IL’s holdings in Home Depot were worth $22,158,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of HD. Skandinaviska Enskilda Banken AB publ lifted its position in Home Depot by 1.3% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 326,905 shares of the home improvement retailer’s stock worth $61,036,000 after acquiring an additional 4,303 shares during the period. ETF Managers Group LLC grew its position in Home Depot by 11.4% in the 1st quarter. ETF Managers Group LLC now owns 1,448 shares of the home improvement retailer’s stock valued at $284,000 after buying an additional 148 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Home Depot in the 1st quarter valued at $111,444,000. Geode Capital Management LLC raised its position in Home Depot by 1.1% during the 1st quarter. Geode Capital Management LLC now owns 16,956,982 shares of the home improvement retailer’s stock worth $3,160,862,000 after buying an additional 191,403 shares during the last quarter. Finally, Intact Investment Management Inc. boosted its holdings in shares of Home Depot by 11.1% in the first quarter. Intact Investment Management Inc. now owns 52,900 shares of the home improvement retailer’s stock valued at $9,877,000 after acquiring an additional 5,300 shares in the last quarter. Hedge funds and other institutional investors own 69.00% of the company’s stock.

In related news, EVP William G. Lennie sold 13,199 shares of the stock in a transaction that occurred on Wednesday,

Exane Derivatives Lowers Position in Home Depot Inc (NYSE:HD)

Exane Derivatives decreased its stake in Home Depot Inc (NYSE:HD) by 16.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 461 shares of the home improvement retailer’s stock after selling 94 shares during the quarter. Exane Derivatives’ holdings in Home Depot were worth $128,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Price Wealth LLC boosted its holdings in Home Depot by 138.5% in the 2nd quarter. Price Wealth LLC now owns 124 shares of the home improvement retailer’s stock worth $31,000 after buying an additional 72 shares during the period. Selective Wealth Management Inc. raised its stake in Home Depot by 243.9% during the 2nd quarter. Selective Wealth Management Inc. now owns 141 shares of the home improvement retailer’s stock valued at $35,000 after purchasing an additional 100 shares during the period. Evolution Wealth Advisors LLC lifted its holdings in Home Depot by 138.8% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 191 shares of the home improvement retailer’s stock worth $48,000 after purchasing an additional 111 shares in the last quarter. NuWave Investment Management LLC bought a new position in Home Depot in the 2nd quarter worth approximately $57,000. Finally, Your Advocates Ltd. LLP raised its position in shares of Home Depot by 51.4% during the second quarter. Your Advocates Ltd. LLP now owns 221 shares of the home improvement retailer’s stock valued at $57,000 after buying an additional 75 shares during the last quarter. 69.00% of the stock is currently owned by hedge funds and other institutional investors.

In other Home Depot news, EVP Teresa Wynn Roseborough sold 41,947 shares of the

Canning Boulevard improvement project heading toward the home stretch – News – Wicked Local

FALL RIVER – Hang tight, all you drivers heading north on William S. Canning Boulevard en route to SouthCoast Marketplace.

It won’t be long before your final approach to the popular shopping center in the city’s far South End becomes easier and safer.

Preliminary work is now underway to construct a slip ramp, also known in the parlance of road construction as either a slip lane or slip road.

“It will alleviate congestion and improve access to SouthCoast Marketplace,” said Paul Ferland, who oversees Fall River’s sewer and water divisions in his role as the city’s community utilities administrator.

Ferland says the new ramp, or lane, will sit parallel to the shopping center’s main entrance-and-exit road and will run adjacent to the Santander Bank branch.

The new road will be functional before the arrival of Thanksgiving on Nov. 26, he said.

Ferland said northbound and southbound drivers exiting nearby Route 24 will appreciate the road addition, as will people driving in from Tiverton and down the Canning Boulevard/Route 81 hill from the Stafford Road rotary.

The new entrance road will eliminate the need for northbound traffic to swerve into the right-hand lane to enter the shopping center — which in turn should create a more orderly and safer two-lane path for drivers heading past SouthCoast Marketplace.

“I know a lot of people will be happy when this is done,” said John Perry, director of the city’s Department of Community Maintenance.

Ferland said the state’s Department of Transportation has approved plans and designs for two new, large traffic signal lights to be installed at the intersection in front of SouthCoast Marketplace.

He says synchronization of the lights will be fine-tuned to create a more orderly flow of traffic from various turn lanes.

Another road improvement soon to be undertaken will be

Is Home Depot a Safe Bet During the Pandemic?

With fiscal second-quarter sales growth of 23.4%, it’s safe to say Home Depot (NYSE: HD) has performed quite well during the coronavirus pandemic. As an essential business, the home improvement behemoth was able to keep its doors open to serve the needs of millions of shoppers.

Its stock price has risen 30% so far this year, driven by impressive results from the do-it-yourself (DIY) segment. But for Home Depot to position itself for long-term success, its Pro business is the key.

Pandemic-fueled growth

From fiscal 2009 through fiscal 2019, Home Depot’s sales increased at a compound annual rate of 5.2%. The company has largely left its store growth unchanged with less than 50 net additions in that 10-year period, but management introduced initiatives like the One Home Depot strategy to boost efficiency within its existing store network. The company has reported positive comparable-sales growth for 10 years running.

Then, the coronavirus pandemic took hold earlier this year, closing down large swathes of the U.S. economy and at the same time creating an advantageous environment for Home Depot. With Americans stuck inside their homes, many chose to prioritize home improvement projects over other leisure and entertainment spending that has not been available in 2020.

coronavirus headlines sitting on top of 100 dollar bills

Image source: Getty Images.

In the quarter ended Aug. 2, the company generated record-breaking sales of $38.1 billion. Supported by government stimulus measures, including deposits of $1,200 made to most Americans’ bank accounts, Home Depot’s DIY segment outpaced its Pro segment in the quarter. The money not spent on dining out and travel instead went toward fixing up the home.

Professional customers

The success with the DIY customer is promising for Home Depot, but its future relies on the Pro segment. In 2017, the company began a multiyear, $11 billion program to bolster its digital offerings and