ToughBuilt industries $TBLT February 15 2024 Shopping Trip
We took a focused shopping trip in Chicagoland to see what ToughBuilt is selling in Menards and Lowe's in Q1 2024.
These stores are located next door to each other, just off Milwaukee Avenue and just north of Rt 60.
These stores are located next door to each other, just off Milwaukee Avenue and just north of Rt 60.
Lowe's in Vernon Hills, Illinois
We stepped into Lowe's and the first thing we see is a cardboard stand-alone advertisement for Klein Tools right inside the entrance to the store.
We noticed the tools and accessories section looked a little understocked, almost run-down. There were fewer products, clearance pricing, and displays were being moved around.
We saw ToughBuilt Industries products as follows:
- Hammers on three holders, out of ~24
- One level SKU
- Knee Pads on sale, and in disarray
- Two tape measures
- Many knives
- Significant stock in ClipTech TM, including a ClipTech display with clips.
- No saw horses, mitre saw tables, or anything large. We saw a few BORA 1,500 pound capacity saw horses for $59.99 apiece. Looks like solid competition for the C600, C650 and C700.
- StackTech TM mobile storage was fully stocked. They mostly had the first set of SKUs, and we did not see any dollies or the latest, newest SKUs. It was moved to a new spot in tools and did not look quite as good, nor quite as prominent. It was ok.
- There were lots of rolling and carrying Massive Mouth TM tool bags.
Klein was all over the store.
Flex mobile storage was moved to the back in a much less prominent space.
Craftsman VersaStack TM was fully stocked and at a much lower price point than StackTech.
In summary, it looks like Lowe's is still clearing out product in the hand-tools, tool bag and mobile storage space. They also looked a little light on inventory and larger items. In terms of mobile storage, it could be that Lowe's will be positioning ToughBuilt StackTech TM against Craftsman Versa Stack TM. That would make sense, especially if the decision is to discontinue Flex and Kobalt products.
Klein is still in great demand, but they stock their mobile storage separately, usually by the PRO exit.
We stepped into Lowe's and the first thing we see is a cardboard stand-alone advertisement for Klein Tools right inside the entrance to the store.
We noticed the tools and accessories section looked a little understocked, almost run-down. There were fewer products, clearance pricing, and displays were being moved around.
We saw ToughBuilt Industries products as follows:
- Hammers on three holders, out of ~24
- One level SKU
- Knee Pads on sale, and in disarray
- Two tape measures
- Many knives
- Significant stock in ClipTech TM, including a ClipTech display with clips.
- No saw horses, mitre saw tables, or anything large. We saw a few BORA 1,500 pound capacity saw horses for $59.99 apiece. Looks like solid competition for the C600, C650 and C700.
- StackTech TM mobile storage was fully stocked. They mostly had the first set of SKUs, and we did not see any dollies or the latest, newest SKUs. It was moved to a new spot in tools and did not look quite as good, nor quite as prominent. It was ok.
- There were lots of rolling and carrying Massive Mouth TM tool bags.
Klein was all over the store.
Flex mobile storage was moved to the back in a much less prominent space.
Craftsman VersaStack TM was fully stocked and at a much lower price point than StackTech.
In summary, it looks like Lowe's is still clearing out product in the hand-tools, tool bag and mobile storage space. They also looked a little light on inventory and larger items. In terms of mobile storage, it could be that Lowe's will be positioning ToughBuilt StackTech TM against Craftsman Versa Stack TM. That would make sense, especially if the decision is to discontinue Flex and Kobalt products.
Klein is still in great demand, but they stock their mobile storage separately, usually by the PRO exit.
Menards in Vernon Hills, Illinois
We first entered Menards and saw a larger collection of non-store brand hand tools and power tools in this store.
We saw knee pads that looks like Masterforce (TM) knee pads built by ToughBuilt, down to the Gel-Fit markings. This looks like private label business.
We saw a large display of ToughBuilt branded Clip Tech (TM) soft goods including belts and pouches along a tall aisle display.
We saw no other ToughBuilt products, and I suppose we are surprised there is not a knife, hammer, saw or screwdriver on display, nor any tool totes or tool bags.
We first entered Menards and saw a larger collection of non-store brand hand tools and power tools in this store.
We saw knee pads that looks like Masterforce (TM) knee pads built by ToughBuilt, down to the Gel-Fit markings. This looks like private label business.
We saw a large display of ToughBuilt branded Clip Tech (TM) soft goods including belts and pouches along a tall aisle display.
We saw no other ToughBuilt products, and I suppose we are surprised there is not a knife, hammer, saw or screwdriver on display, nor any tool totes or tool bags.
Our KTA: ToughBuilt does steady business at Lowe's and Menards. To dramatically grow revenue, it needs new product introductions and category expansions to grow revenue.
Lowe's and Menards have their separate ToughBuilt franchises and product categories where they dominate. The question is how does ToughBuilt continue to grow revenue.
At Lowe's, the story is about restocking and adding new categories.
1. Soft goods are likely a lock already, and we see many styles for different use cases.
2. More hand tools: growing from the single level sku, two tape measures, two hammers, multiple saws, and the selection of knives to include more of the products we saw a few months ago. This could be when we see the wrenches, pliers and clamps make a comeback in 2024.
3. We see a good selection of tool bags and tool totes (some with wheels), and think this could be stocked more heavily. We also don't see the yellow and black softer duffle bags for tools.
4. We would like to see the reintroduction of inventory for the saw horses, work tables, full room levels, and mitre saw tables. ToughBuilt is now absent in those categories at Lowe's and Menards.
At Menards, in our opinion, it is about introducing the Massive Mouth TM rolling and carrying tool bags, the black and yellow tool totes, and introducing some steel hand tools. The ToughBuilt hand tools would be strongly competitive to what we saw on February 15, 2024.
At Lowe's, the story is about restocking and adding new categories.
1. Soft goods are likely a lock already, and we see many styles for different use cases.
2. More hand tools: growing from the single level sku, two tape measures, two hammers, multiple saws, and the selection of knives to include more of the products we saw a few months ago. This could be when we see the wrenches, pliers and clamps make a comeback in 2024.
3. We see a good selection of tool bags and tool totes (some with wheels), and think this could be stocked more heavily. We also don't see the yellow and black softer duffle bags for tools.
4. We would like to see the reintroduction of inventory for the saw horses, work tables, full room levels, and mitre saw tables. ToughBuilt is now absent in those categories at Lowe's and Menards.
At Menards, in our opinion, it is about introducing the Massive Mouth TM rolling and carrying tool bags, the black and yellow tool totes, and introducing some steel hand tools. The ToughBuilt hand tools would be strongly competitive to what we saw on February 15, 2024.