Hardware giant Bunnings is a household name across Australia and New Zealand and now it’s being recognised as a global leader in DIY retail. The retailer’s continual investment and focus on expanding its DIY offerings for consumers has given it an edge that international hardware retailers want in on. Bunnings hosted a delegate of nearly 50 of its peers from EDRA (European DIY Retail Association) through its Fairfield, Mentone, and Preston, Victoria, stores, to listen, learn and share id
are ideas with 20 of the world’s best DIY companies.
“It was a privilege to host some of the world’s best DIY retailers this week and collaborate with such a high calibre of home improvement leaders,” Mike Schneider, Bunnings managing director, told Inside Retail.
The power of collective learning
The sharing of knowledge, insights and best practices is not common among rival retailers, however, Bunnings knows timely innovation requires collaboration.
“The global DIY retail market is dynamic and constantly evolving, and the value of sharing insights and learning from your peers can’t be overstated,” said Schneider.
According to Bunnings’ MD, EDRA plays a crucial role in bringing the DIY retail industry together – ensuring they can all learn from one another no matter where they are based in the world.
GHIN, the Global Home Improvement Network, was created by EDRA in 2009 and today it is an international association with 214 members operating in 74 countries with over 30,000 home improvement stores and members’ sales of over €310 billion – all members of EDRA are automatically members of GHIN.
“EDRA/GHIN has been playing a key role in bringing the home improvement together for the last 20 years and we’re always grateful for all businesses who host our delegates and share their insights,” John Herbert, EDRA’s global secretary, told Inside Retail.
“This trip to Australia is our fifth study tour following previous events in Japan, South Africa, Germany and the US. These tours provide a unique opportunity for our delegates to collaborate with their peers in the internal DIY market, study global best practices and learn from each other,” he added.
Bunnings made the perfect case study for EDRA as the leading retailer of home and lifestyle products for both consumer and commercial customers in Australia and New Zealand.
Leading an industry from afar
The current downward pressures on hardware stores and DIY retailers to keep up with demand and meet price expectations in a challenging economy is not lost on Bunnings.
“Global home improvement retailers all face similar opportunities and challenges, whether it’s providing the most competitive customer offer in the face of high inflation, helping building industries grappling with affordable housing shortages and managing cost pressures through supply chains,” said Schneider.
“We were really humbled to play a role in this year’s study tour and have the opportunity for some of our team members to share their expertise and insights across all areas of our business,” he added.
For both Bunnings and its visiting retailers, EDRA study tours are critical for sharing ideas, strategies and insights among some of the world’s leading retailers to solve the challenges that are collectively felt.
“I’ve visited several DIY retails all over the world and consider Bunnings to be a real leader, so I felt it was important to provide our current tour delegates with a deep dive into their business during this tour,” said Herbert.
“In my view, these elements have formed an important part of Bunnings’ success, alongside their determination to always be adopting global best practices – which is something these study tours can enable,” he added.
Bunnings has long been recognised as a retail force nationally but now its reputation stretches beyond the border.
“Feedback from delegates so far has been overwhelmingly positive, particularly regarding the strength of Bunnings’ culture and commitment to the communities they serve,” concluded Herbert.