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The COVID-19 building boom
What Quadrant couldnât have seen in March 2020, arguably the peak of the pandemic panic, was how COVID-19 would unleash a boom in building and renovations sparked by the combination of government incentives, stimulus payments and border restrictions, which saw spending on holidays channelled into home.
The 24.7 per cent increased in hardware sales at Metcash, which includes sales at Mitre 10 and Home Timber & Hardware, speaks to the power of this boom. Even excluding Total Tools, sales rose 17.8 per cent.
But Metcash and its great rival, the Wesfarmers-owned Bunnings powerhouse, are betting on sustained growth from the hardware sector, and particularly the speciality tools segment that services hardcore tradies.