Post on 11-Jan-2016
Presented by:
Erin Kennedy, AnalystLaura Kennedy, Principal AnalystDoug Hermanson, Senior Economist
Home Improvement Webinar
August 15, 2014
Home Improvement WebinarDriving Loyalty as Shoppers Narrow their Focus
© Copyright 2014 Kantar Retail
Copyright © 2014 Kantar Retail. All Rights Reserved.
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Disclaimers
The analyses and conclusions presented in this seminar represent the opinions of Kantar Retail. The views expressed do not necessarily reflect the views of the management of the retailer(s) under discussion.
This seminar is not endorsed or otherwise supported by the management of any of the companies covered during the course of the workshop or within the following slides.
© Copyright 2014 Kantar Retail
Agenda
• Macroeconomic Outlook–Forecasts
–Home Improvement Twister: Stretching for the Corners of Household Growth
• Back to Basics: The Shopper Demands Functionality• Closing Considerations: Aligning with Retailers to Create
Loyalty
3
© Copyright 2014 Kantar Retail
Home Improvement Forecasts
4Z
© Copyright 2014 Kantar Retail
The 2014 Retail Landscape
5
Home improvement among the leading channels
Recent Trends
• Home Improvement, drugstores, and food services outperforming
• Weak growth in most channels signals modest start to back-to-school
• Shoppers are spending, just not in a broad set of goods categories.
Source: U.S. Department of Commerce and Kantar Retail Analysis
*Includes discount department stores (mass merchandisers ex. supercenters) and conventional & national department stores**Includes warehouse clubs, supercenters and small-format value stores (value discounters). Excludes discount department stores (Mass merchandisers) ***The non-store channel includes the vast majority of online and catalog sales for all retailers.
© Copyright 2014 Kantar Retail 6
2014 Home Improvement Sales ForecastHome centers slower, but respectable growth in 2014
• Household demand leads home centers
• A letup in lumber inflation contributes to slower growth
• Some recovery at hardware stores
• Inflation likely boosting paint stores
Home Improvement Sales Growth% Change Yr-to-Yr, Not Seasonally Adjusted
Source: U.S. Department of Commerce and Kantar Retail
© Copyright 2014 Kantar Retail
This Year: 2014 Future: 2015Past: 2013
Retail Sales: Building Supply Channel
7
Nominal versus inflation-adjusted or unit volume growth
Sources: U.S. Department of Commerce, and Kantar Retail analysis
Retail Sales Growth RatesNominal Inflation-Adjusted Price Inflation
NAICS Code =4441, Includes home improvement stores, hardware stores, building specialists, and paint supply stores. Excludes lawn and garden stores
© Copyright 2014 Kantar Retail
Past: 2013 This Year: 2014 Future: 2015
Home Improvement Sales: Channel Breakouts
8
Nominal versus inflation-adjusted or unit volume growth
Sources: U.S. Department of Commerce, and Kantar Retail analysis
Retail Sales Growth RatesNominal Inflation-Adjusted Price Inflation
NAICS Codes =44411: Home improvement centers (Lowe’s and Home Depot), 44419: Building Specialists, 44413: Hardware stores
© Copyright 2014 Kantar Retail
Home Improvement Forecast Summary
9
• Household vs. Pro. Households likely leading demand in 2014. Pro customers will lead acceleration in growth among home centers in 2015. More normal weather, low home inventories and sustained job growth will trigger more demand for new homes.
• Home Centers. Slower home sales that took root late in 2013 will have a lagging impact on home center demand in 2014. Appliance and flooring spending seems to be especially affected by the reduced housing turnover. Pro demand and sustained discretionary spending among households will lift home centers in 2015.
• Hardware stores. Hardware stores will manage a modest rebound in 2014, but they will lag home centers as big-ticket discretionary projects remain in favor. This trend is expected to continue in 2015, creating headwinds for hardware store growth.
© Copyright 2014 Kantar Retail
Home Improvement Twister: Reaching for The Corners of Household Growth
10
© Copyright 2014 Kantar Retail
• Middle age groups will see little or no growth through 2020
Household Growth as Key Trend
Source: U.S. Census Bureau and Kantar Retail Analysis 11
Growth is polarized toward youngest and oldest households
U.S. Household Growth by Age GroupsCompound Annual Growth Rates, 2012-2020
All Households
Average Household Growth = 1.0%
© Copyright 2014 Kantar Retail
• Youngest/oldest households will become mostly Have-Nots
• Greatest uncertainty is whether young households will become Haves at stronger rate
Household Growth as Key Trend
Source: U.S. Census Bureau and Kantar Retail Analysis 12
Growth is skewed toward youngest and oldest Have Nots
U.S. Household Growth by Age GroupsCompound Annual Growth Rates, 2012-2020
Have Nots All Households Have households
Average Household Growth = 1.0%
2.0%
??
= Youngest Have Nots
= Youngest Have households
3.8%
1.6%
= Oldest Have Nots
= Oldest Have households
Summary: Household Growth Rates for Key Segments
© Copyright 2014 Kantar Retail
• Means strongest growth in totals of oldest, youngest Have Not households
• Means “graying” of Have households who stay skewed to middle-age households in peak income years
Impact of Household Growth on Have/Have Nots?
Source: Kantar Retail ShopperScape®, January-December 2013, and Kantar Retail analysis 13
Have Nots further polarize young/old… Graying of Haves
Have vs. Have Not Households in 2020Share of Segment by Age Group, Index to Total Age Group
*Have Nots are households with average income of less than $60,000, representing about 60% of households**Haves are households with average income of $60,000 or higher, representing about 40% of households
18%
32%
32%
18%
26%
21%
25%
28%
/ 79
/ 127
/ 114
/ 76
/ 114
/ 82
/ 91
/ 116
~60% of Households** ~40% of Households*
Share / Index
Share / Index
2.0%
??
3.8% 1.6%
© Copyright 2014 Kantar Retail
• Core set of factors are important to all shoppers
• But other factors are more important to specific age-income segments
Success Hinges on Key Shopping Factors
Source: Kantar Retail ShopperScape®, January and February 2014, and Kantar Retail analysis 14
Key is to zero in on difference makers for age-income segments
Shopper DNA: Most Important Factors When ShoppingHow age-income segments differ from shared factors of importance
Younger
Older
•Interact with helpful, friendly employees
•Have fun/enjoy myself;•Discover new products or brands
•Spend as little money as possible;
•Do all or most of my shopping
in one place
•Purchase high-quality
productsHavesHave Nots
•Feel like I got a "good deal"
•Have a stress-free a shopping experience
•Complete my shopping as quickly
as possible
© Copyright 2014 Kantar Retail
HavesHave Nots
HavesHave Nots
Youn
ger
Old
er
YoungerO
lder
• Average shopper mix is at center axis where:– Have Nots = ~60% of
shoppers; Haves = ~40% of shoppers
– Age 49 & under = ~50% of shoppers; Age 50 & older = ~50% of shoppers
• Read Whole Foods shopper mix as:– Distributed more so
than average mix toward Haves (59%) and Age 49 & younger (62%)
A Have & Have-Not Framework by Age
Source: Kantar Retail ShopperScape®, January-December 2013, and Kantar Retail analysis 15
By mix of young/old and Have/Have Not shoppers by retailer
Retailers' Shopper Mix Relative to Overall Shopper MixFor 2013, Based on Past-Four Week Shoppers
Paych
eck
Paych
eck
$
Paych
eck
Paych
eck
$
Paycheck
Paycheck$
Household and Income GrowthWhere green = positive, yellow = mixedPay
chec
k
Paych
eck
$
1.6%1.6%3.8%3.8%
2.0%2.0% ????
© Copyright 2014 Kantar Retail
HavesHave Nots
HavesHave Nots
Youn
ger
Old
er
YoungerO
lderWalmart, Retailers with Broad Appeal
Source: Kantar Retail ShopperScape®, January-December 2013, and Kantar Retail analysis 16
Face greatest challenge from demographic and income trends
Retailers' Shopper Mix Relative to Overall Shopper MixFor 2013, Based on Past-Four Week Shoppers
Paych
eck
Paych
eck
$
Paych
eck
Paych
eck
$
Paycheck
Paycheck$
Household and Income GrowthWhere green = positive, yellow = mixedPay
chec
k
Paych
eck
$
•Personalization and contextualization capabilities will be key success drivers
•Leveraging loyalty programs could be advantage for Sears
1.6%1.6%3.8%3.8%
2.0%2.0% ????
© Copyright 2014 Kantar Retail
Differences Between Shoppers and HI Spenders
Source: Kantar Retail ShopperScape®, January-December 2013, and Kantar Retail analysis 17
Have HouseholdsHome Improvement Capture Rate*
Have Not HouseholdsHome Improvement Capture Rate*
Lowe’s and Home Depot have similar capture rates for incomes and ages
Walmart captures a higher share of younger have nots
A small share of Sears shoppers spent the most on home improvement at Sears, but skew toward Haves
Hardware stores capture a higher share of have nots, but similar across age segments
*For example, read as among 18-34 Have households that shopped Walmart the past four weeks 22% spent the most on home improvement at Walmart
© Copyright 2014 Kantar Retail
HavesHave Nots
HavesHave Nots
Youn
ger
Old
er
YoungerO
lderSmall-Box Formats Appeal to Young Have Nots
Source: Kantar Retail ShopperScape®, January-December 2013, and Kantar Retail analysis 18
Walmart has current advantage with young, have nots
Retailers' Shopper Mix Relative to Overall Shopper MixFor 2013, Based on Past-Four Week Shoppers
Paych
eck
Paych
eck
$
Paych
eck
Paych
eck
$
Paycheck
Paycheck$
Household and Income GrowthWhere green = positive, yellow = mixedPay
chec
k
Paych
eck
$
•Benefit may go to small boxes that appeal to the fun/ enjoyment important to young shoppers
•Households likely light spenders on home improvement now, but Walmart has greater appeal to young have nots
•Benefit may go to small boxes that appeal to the fun/ enjoyment important to young shoppers
•Households likely light spenders on home improvement now, but Walmart has greater appeal to young have nots 1.6%1.6%3.8%3.8%
2.0%2.0% ????
Location is representative and not exact for past four week Walmart shoppers in 2013 that spend the most on home improvement products at Walmart
© Copyright 2014 Kantar Retail
HavesHave Nots
HavesHave Nots
Youn
ger
Old
er
YoungerO
lderOlder Have Nots Mostly an Open Quadrant
Source: Kantar Retail ShopperScape®, January-December 2013, and Kantar Retail analysis 19
…but strongest household growth will be in this segment
Retailers' Shopper Mix Relative to Overall Shopper MixFor 2013, Based on Past-Four Week Shoppers
Paych
eck
Paych
eck
$
Paych
eck
Paych
eck
$
Paycheck
Paycheck$
Household and Income GrowthWhere green = positive, yellow = mixedPay
chec
k
Paych
eck
$
•Aldi may hold lessons of fewer SKUs that make it easier for this format to deliver better service valued by older shoppers
•Hardware stores and Tractor Supply in best position to fit needs of growing segment
•Aldi may hold lessons of fewer SKUs that make it easier for this format to deliver better service valued by older shoppers
•Hardware stores and Tractor Supply in best position to fit needs of growing segment
1.6%1.6%3.8%3.8%
2.0%2.0% ????
© Copyright 2014 Kantar Retail
HavesHave Nots
HavesHave Nots
Youn
ger
Old
er
YoungerO
lder
Older Haves: Core Home Center Shopper
Source: Kantar Retail ShopperScape®, January-December 2013, and Kantar Retail analysis 20
Challenged by growth of older Have households
Retailers' Shopper Mix Relative to Overall Shopper MixFor 2013, Based on Past-Four Week Shoppers
Paych
eck
Paych
eck
$
Paych
eck
Paych
eck
$
Paycheck
Paycheck$
Household and Income GrowthWhere green = positive, yellow = mixedPay
chec
k
Paych
eck
$
•Can home centers keep shoppers as less inclined to walk a large store?
•Income prospects of core segment are bright, but changing needs of core shoppers and weak appeal to have nots a future challenge
•Can home centers keep shoppers as less inclined to walk a large store?
•Income prospects of core segment are bright, but changing needs of core shoppers and weak appeal to have nots a future challenge1.6%1.6%3.8%3.8%
2.0%2.0% ????
© Copyright 2014 Kantar Retail
HavesHave Nots
HavesHave Nots
Youn
ger
Old
er
YoungerO
lder
Online Competition/Opportunity Among Young Haves
Source: Kantar Retail ShopperScape®, January-December 2013, and Kantar Retail analysis 21
Uncertain household growth among question marks
Retailers' Shopper Mix Relative to Overall Shopper MixFor 2013, Based on Past-Four Week Shoppers
Paych
eck
Paych
eck
$
Paych
eck
Paych
eck
$
Paycheck
Paycheck$
Household and Income GrowthWhere green = positive, yellow = mixedPay
chec
k
Paych
eck
$
•Uncertain impact. Outlook clouded by lagging household formation, uncertain job prospects
•Certain impact. Rising incomes and changing behavior will keep leading shift away from traditional retailers—even if household formation lags
•Uncertain impact. Outlook clouded by lagging household formation, uncertain job prospects
•Certain impact. Rising incomes and changing behavior will keep leading shift away from traditional retailers—even if household formation lags
1.6%1.6%3.8%3.8%
2.0%2.0% ????
Location is representative and not exact for past four week Sears shoppers in 2013 that spend the most on home improvement products at Sears
© Copyright 2014 Kantar Retail
Have/Have Not, Gen Y/Boomer Implications
22
• Older Haves. Home Centers will need to maintain loyalty and appeal of older Have shoppers, while stretching to areas of strongest household growth over the next five years. Digital tools and targeted deals/marketing may be the best strategies for this.
• Older Have Nots. May be best positioned to appeal to older have nots which will have the strongest household growth over the next five years. Customer service, easy to walk stores, value, and perhaps limiting SKU’s are important to capturing this shopper. Lowe’s and Home Depot may need to consider alternative small-box formats or store-within-a-store concepts to appeal to this growing segment.
• Young Have Nots. Walmart is best positioned to capture home improvement spending among the growing number of young have not households. Home centers will need to elevate their value proposition to gain a greater share of this growing household population.
• Young Haves. Wildcard?
© Copyright 2014 Kantar Retail
Back to Basics: The Shopper Demands Functionality
23
© Copyright 2014 Kantar Retail
5.8 5.0
Setting the Stage: Shoppers’ Broader Store Set is Shrinking
Source: Kantar Retail ShopperScape®, January-September 2007 and 2013 24
12.4 10.7
Average Number of Retailers in Shoppers’ Portfolio
Blue-Total Retailer PortfolioYellow-Core Retailer Portfolio
© Copyright 2014 Kantar Retail
FUNCTION EMOTION
TIMEMONEY
Are the Winners and Losers Just Flukes?From a shopper perspective, no.
Source: Kantar Retail analysis 25
$ * F
© Copyright 2014 Kantar Retail
Who Is the Shopper?Opportunities for unique triggers across cohorts
Source: Kantar Retail ShopperScape®, January-April 2014 26
Relative Importance of Factor, by Generation
Mo
re I
mp
ort
an
tL
es
s I
mp
ort
an
t
© Copyright 2014 Kantar RetailSoure: Kantar Retail ShopperScape®, March 2013-May 2014 27
DIY Shoppers Prioritize Function and Emotion
Mo
re I
mp
ort
an
tL
es
s I
mp
ort
an
t
(among shoppers who have shopped at a home improvement retailer in the past four weeks)
Relative Importance of Factor, DIY Shoppers
Foster loyalty with a functional and stimulating experience
© Copyright 2014 Kantar Retail
Before the Project: DIY Retailers Can Lure Shoppers
Source: Kantar Retail ShopperScape®, April 2014 28
(among shoppers who started a project in the past six months)
How Shoppers Began to Gather Inspiration for Their Last DIY Project
Note: The above categories were formed by grouping together similar means of inspiration. Blue equal sign indicates no significant difference vs. All Shoppers (90% confidence); Green arrow indicates larger percentage vs. All Shoppers (90% confidence); Red arrow indicates smaller percentage vs. All Shoppers (90% confidence).
© Copyright 2014 Kantar Retail
Younger Shoppers Are More Likely to Plan to Use Retailer Services
Source: Kantar Retail ShopperScape®, April 2014 29
Boomers=52% I will buy the materials and do the work
18% A contractor will buy the materials and do the work
11% I will buy the materials and hire a contractor to do the work
6% I will buy the materials and have the store arrange installation
Gen Y Boomers
Gen Y Boomers
(among shoppers who plan to start a project in the next six months)
How Plan to Approach Their Next Home Improvement Project
Note: Blue equal sign indicates no significant difference vs. All Shoppers; Green arrow indicates larger percentage vs. All Shoppers; Red arrow indicates smaller percentage vs. All Shoppers (90% confidence).
Gen Y
© Copyright 2014 Kantar Retail
Trip Preparation is TraditionalRetailer websites, digital continues to gain influence
Source: Kantar Retail ShopperScape®, April 2013 and April 2014 30
Top Ten Trip Preparation Methods (2014)
Make a handwritten shopping list 63%
Look at printed store circular/ad for specific retailer(s) I am going to shop
45%
Look at printed store circulars/ads to decide which retailer(s) to shop
41%
Research merchandise online prior to shopping in store
37%
Select paper/printed coupons to take with me on shopping trip
37%
Look online to check availability of specific merchandise in the stores
30%
Search for coupons online 28%
Look at online circular/weekly ad for specific retailer(s) I am going to shop
28%
Look at online circulars/weekly ads to decide which retailer(s) to shop
26%
Access a retailer Web site on a mobile device 14%
Significant Differences Versus 2013
•Research merchandise online prior to shopping in store
•Look online to check availability of specific merchandise in the stores
•Look at online circulars/weekly ads to decide which retailer(s) to shop
•Access a retailer Web site on a mobile device
•Look at Facebook pages to decide which retailer(s) to shop
•Look at Twitter feeds to decide which retailer(s) to shop
Significant Differences Versus 2013
•Research merchandise online prior to shopping in store
•Look online to check availability of specific merchandise in the stores
•Look at online circulars/weekly ads to decide which retailer(s) to shop
•Access a retailer Web site on a mobile device
•Look at Facebook pages to decide which retailer(s) to shop
•Look at Twitter feeds to decide which retailer(s) to shop
Top three methods are
“analog”
© Copyright 2014 Kantar Retail
Online, Home Depot’s Homepage Focuses on a ProjectLinks shoppers to multiple resources
Source: Retailer website, online circular 31
Home Depot’s circular mirrors its website. This
consistency can help to earn shoppers’ trust.
Home Depot’s circular mirrors its website. This
consistency can help to earn shoppers’ trust.
© Copyright 2014 Kantar Retail
Lowe’s Also Links Project-Oriented Solutions in Circulars, Email
Source: Retailer circular, retailer email 32
In this Lowe’s circular, everything needed for the project is featured on one page,
and the retailer gives shoppers options at multiple price points.
In this Lowe’s circular, everything needed for the project is featured on one page,
and the retailer gives shoppers options at multiple price points.
An email from Lowe’s provides everything from
inspiration to logistics
An email from Lowe’s provides everything from
inspiration to logistics
© Copyright 2014 Kantar Retail
During the Trip: Bathroom Renovation Guidance Would Appeal to Younger Shoppers
Source: Kantar Retail store visits 33
Alerts shoppers of installation services
Directs shoppers to Pinterest for inspiration
© Copyright 2014 Kantar Retail
Communication In-StoreLowe’s Features On-Shelf Education, Home Depot Offers Services
Source: Kantar Retail store visits 34
Shelf signage outlines steps to replace screening and explains the differences
between types of screening
Shelf signage outlines steps to replace screening and explains the differences
between types of screening
In the paint department, Home Depot alerts shoppers
of painting services
In the paint department, Home Depot alerts shoppers
of painting services
© Copyright 2014 Kantar Retail
At the Purchase: Provide Solutions to Keep Shoppers in the Store
Source: Kantar Retail ShopperScape®, April 2014 35
Retailer had everything I
needed
I trust the retailer more than others
Better products Better customer service
Other Only retailer available
where I live
Better after-sale support/ warranty
Better delivery/ installation options
“Other” Responses
(among shoppers who completed a project in the past six month and purchased materials from one retailer)
Reason for Purchasing from One Retailer for Last DIY Project
© Copyright 2014 Kantar Retail
Product Availability Can Drive Shoppers to Another Retailer
Source: Kantar Retail Shopperscape®, April 2014 36
Reason for Purchasing from More than One Retailer for Last DIY Project(among shoppers who completed a project in the past six months and purchased materials from multiple retailers)
© Copyright 2014 Kantar Retail
At the Purchase: Large DIY Retailers Lead Conversion, But Struggle With Big-Ticket Purchases
Source: Kantar Retail Shopperscape®, April 2014 37
Retailer Conversion Rates
The Home Depot (Total) 75%
The Home Depot store 75%
The Home Depot website 31%
Lowe's (Total) 71%
Lowe's store 71%
Lowe's website 27%
Lawn and garden retailer 66%
Hardware store (e.g., Ace, True Value, etc.) 62%
Paint retailer (e.g., Sherwin-Williams) 58%
Menard's (Total) 56%
Menard's store 56%
Menard's website 33%
Carpet/flooring retailer 55%
Lumberyard 48%
Specialty home improvement retailer (e.g., kitchen and bath)
47%
Large Home Improvement Retailers’ Likelihood of Conversion, Based on
Project Type
•Painting exterior of home •Minor landscaping (planting flowers,
fertilizing lawn, etc.)
•Renovating kitchen or bathroom •Installing new ceiling fan or lights•Installing new carpet, tile, or hardwood
floors
Large Home Improvement Retailers’ Likelihood of Conversion, Based on
Project Type
•Painting exterior of home •Minor landscaping (planting flowers,
fertilizing lawn, etc.)
•Renovating kitchen or bathroom •Installing new ceiling fan or lights•Installing new carpet, tile, or hardwood
floors
© Copyright 2014 Kantar Retail
Lowe’s Simplifies Shopping for a Paint Project by Providing Solutions and Guidance In Store
Source: Kantar Retail store visits and analysis 38
Color coding simplifies on-shelf navigation
Color coding simplifies on-shelf navigation
Solution end caps removes friction along the path to purchase
Solution end caps removes friction along the path to purchase
Appeals to the busy Gen X shopper
Appeals to the busy Gen X shopper
© Copyright 2014 Kantar Retail
Offering Solutions Across Budgets Can Convert More Shoppers
Source: Kantar Retail store visits 39
$ $$$$
© Copyright 2014 Kantar Retail
Displays Allowing Shoppers to Experience the Product Can Educate and Build Trust
Source: Kantar Retail store visits 40
The ability to experience the product gives the shopper confidence that she is purchasing the correct product for her needs. It also suggests
transparency on the part of the retailer/supplier, which can help to build trust.
The ability to experience the product gives the shopper confidence that she is purchasing the correct product for her needs. It also suggests
transparency on the part of the retailer/supplier, which can help to build trust.
© Copyright 2014 Kantar Retail
Branded Educational Signage in Big Ticket Categories Could Help With Conversion
Source: Kantar Retail Store Visits 41
© Copyright 2014 Kantar Retail
Bathroom Vignettes: Solution End Caps of the Future?
Source: Kantar Retail store visit 42
Bathroom pods feature coordinating products and accessories of different styles to inspire shoppers and potentially build baskets. Bathroom pods feature coordinating products and accessories of different styles to inspire shoppers and potentially build baskets.
© Copyright 2014 Kantar Retail
After the Project: Online Activity Presents an Opportunity to Engage Younger Shoppers
Source: Kantar Retail ShopperScape®, April 2014 43
Percentage for All Shoppers in Parentheses
(12%)
(25%)
(63%)
What Shoppers Did After Completing Their Last DIY Project(among shoppers who completed a home improvement project in the past six month and
purchased materials from one retailer)
© Copyright 2014 Kantar Retail
Showcasing Shoppers’ Projects Can Create Emotional Connections
Source: Company social media pages 44
© Copyright 2014 Kantar Retail
Closing Considerations
• Offer cross-merchandised solutions.
• Make sure to articulate value.
Aligning with retailers to create loyalty
Source: Kantar Retail research and analysis 45
Providing a highly functional experience should be top priority.
Once functionality is established, work to engage shoppers.
Leverage online platforms to remove the friction along the path to purchase.
• Suppliers need to help large retailers convert shoppers completing big ticket projects.
• Engage the shopper with your brand and educate her on the merits of your product at the shelf.
• Help retailers simplify websites to make them more useful.
• Tailor your presence on social media sites to the different functions they serve.
© Copyright 2014 Kantar Retail
Contact:
Laura KennedyPrincipal Analyst Laura.Kennedy@kantarretail.com
+1 617 912 2851www.kantarretailiQ.com
Erin KennedyAnalystErin.Kennedy@kantarretail.com
T:+1 617 912 2849www.kantarretailiQ.com
Doug HermansonSenior EconomistDoug.Hermanson@kantarretail.com
T:+614.355.4044www.kantarretailiQ.com