Home and garden specialist retailers is affected by housing trends, and thus saw a negative impact from recent changes in the housing market. Buyer’s Price, a government housing plan implemented in 2015, only began to impact the market in 2017, and caused a steep decline in the number of apartments purchased.
Consumers are increasingly interested in home design. Whilst many people attempt to design and accessorise their home interiors themselves, a growing number of consumers also hire professional interior designers and home stylists to assist them in the process.
Due to the struggles in the housing market, home improvement and gardening stores is expected to see a reduction in outlet numbers and thus the sales area in the forecast period, as large retailers such as Home Centers and Ace struggle. Meanwhile, due to the popularity of design centres, homewares and home furnishing stores is expected to maintain growth by all measures in the forecast period.
Bronfman Group led home and garden specialist retailers in value terms in 2018, thanks to the growing strength of its IKEA retail brand in the local market. A fourth IKEA outlet was opened in February 2018 in Be’er Sheva, strengthening the chain’s distribution with a southern location, and it continues to gain popularity amongst consumers seeking furnishings and accessories at low prices.
In addition, as IKEA is often criticised for its prices, which are often higher than those offered in other countries, it has made efforts to decrease them, and reduced the prices of several products in 2018. IKEA allows consumers to style their homes with up-to-date products following the latest trends, and provides many solutions for small homes.
Home Centers and Ace are the leading home improvement and gardening stores, which also offer a variety of complementary products, such as furnishings and accessories. These chains have struggled to cope with the increased competition in the market, especially in light of the shopping experience, which is poor in comparison with competitors such as IKEA.
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This industry report originates from Passport, our Retailing market research database.