On November 30, 2010, Ken Goodgame was chosen to address the 12th annual conference on Drug Store News Issues Summit. The Summit brought together more than 100 retailers. The meeting was held at a period when the country’s economy was on a downturn. At the time, Goodgame was the general merchandising officer at Ace hardware.
Amongst the retailing issues that were discussed in the summit were inventory management, private label, and store execution. Due to the economic constraints, most retailers were finding it difficult to close purchase deals.
During the summit, Kenneth Goodgame was asked to highlight how Ace hardware successfully carried out inventory management in such difficult economic times. He asserted that Ace had reduced the number of promotional SKUs from 250 to 40. This intervention prompted clients to make purchases from the company.
As Ace’s merchandising officer during the down economy period, Goodgame helped the firm to maintain stability using various tactical interventions. Under his leadership, he expanded the growth of hand tool sales by $171M.
He structured the management strategy to address the financial constraints in the down economy. Due to his good managerial skills, Ace achieved a 4.5% annual growth in its sales translating to a $15M annual growth in wholesale sales. Ace increased its annual store openings by 300% thereby generating more $150M of revenue. In a plan to raise competitive retail success, Ace also renovated its existing stores to meet the modern customers’ demands.
For the first time in over 25 years, the firm adopted an innovative and new direction to completely refresh its packaging and modernize its private label branding.
During his leadership, the company was reviewed as having the best customer services in the hardware industry.
Goodgame’s achievements at Ace stemmed from the experience he had gained while serving companies like Techtronic Industries, Newell Rubbermaid, and Home Depot. He demonstrated his ability to promote an organization’s growth via critical leadership.