Big-box home improvement stores face competition from specialized retailers

Improvement in the former's services was seen essential to maintain significant market share.

According to Farnsworth Group, a market research firm focusing on the hardware and construction industries, big-box home improvement stores are not the only ones gaining a following from consumers.

Specialized retailers are getting a significant chunk of the DIY market from big-box stores like The Home Depot and Lowe's. It was found that 44 percent of homeowners ages 45 to 54 buy from specialty retailers for their flooring concerns. Those aged 18 to 34 are more than twice as likely as the previous generation to purchase from a paint store than a big-box store.

Younger consumers undertaking or planning major projects look for deals online, while older ones peruse the papers for coupons or those that come through snail mail.

Contractors and home improvement professionals cite online retailers as one of their major influences. Good services and well-versed employees remain to be significant factors for building suppliers and lumberyards. Professionals also deem home improvement stores have substandard customer service.

Online purchases are popular among homeowners and professionals alike, with Amazon being considered as a favorite outlet.

Specialty stores are not at par with big-box and online retailers when it comes to prices. For the latter, focusing on excellent services and product knowledge are perceived to be very important to maintain market share and keep customers loyal.

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