___________________________________________________________________________________ Costello’ s Ace Hardware
along with what lies in store for the company.“ The business continues to focus on growth and expansion, and we’ re now up to 52 locations,” he begins.“ We’ re focused on profitable growth, directing our attention into areas where we think there’ s more upside, both geographically and into new business types, which will give us more opportunities to differentiate our company.
“ Right now, we are focused on three main store formats. The first is where we’ ve always been in traditional Ace Hardware stores. Based on where those stores are situated, we’ ve expanded into relevant niches; for instance, our coastal stores may stock more beach wares, some with more patio furniture, and we even have a few stores with a robust lumber department. These niches have really helped to fuel our most core retail format. Our largest niche is hearth and spa, as we sell, install, and service fireplaces, wood and pellet stoves, and hot tubs. We now have 16 showrooms, most in our larger hardware stores, with several stand alone showrooms.
“ The other format we’ re expanding into is standalone paint and decorating stores,” Michael continues.“ We have several Benjamin Moore paint stores that are focused on serving the professional painter and decorator. Our most recent paint store has recently opened in the suburban Baltimore area.”
Organic growth
With a series of strategic expansion plans in place, Costello’ s is shooting for the stars. Whilst the company aims to hit 75 stores by the end of 2025, Michael emphasizes the importance of thoughtful, sustainable growth.“ We’ re looking to add lots more stores, but the number itself isn’ t as important to us. It’ s certainly a goal that represents our thirst for expansion, but our growth is focused in a number of ways,” Michael explains.“ We’ re always looking to add more capabilities that can differentiate the business, give us the competitive edge and fuel further
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