OLD LYME/INDIANAPOLIS — Jessica Talerico, owner of Old Lyme Hardware in Old Lyme, Conn., was recently named one of the independent home improvement industry’s 2023 Young Retailer of the Year honorees by the North American Hardware and Paint Association (NHPA).
The Young Retailer of the Year program, now in its 27th year, identifies and promotes the next generation of aspiring independent home improvement, paint and decorating retailers. It recognizes individual achievement by industry retailers age 35 and younger throughout the U.S. and Canada.
Honorees are chosen based on a number of criteria, including professional milestones, community engagement, continuing hardware industry education and extracurricular activities.
This year’s class features a record 11 honorees, who were selected from three categories: under $3 million in annual sales (Talerico was in this category), over $3 million in annual sales, and operations with multiple locations.
All the honorees received their awards in person at a star-studded ceremony held in Dallas, Texas, in August. A virtual ceremony featuring footage from the live event was subsequently held in late September.
“Being chosen as a Young Retailer of the Year is a high honor. Each year, manufacturers, retailers and wholesalers in the industry join us in celebrating the honorees’ contributions to their communities and the industry,” comments Scott Wright, executive director of advanced retail education programs for NHPA.
He continued, “Jessica exemplifies the dedication and innovation that keep our industry growing.”
Sponsors of the 2023 Young Retailer of the Year program include American Hardware and Lumber Insurance (AHLI), Arrow Fastener, Intertape Polymer Group (IPG), Midwest Fastener, Pony Jorgensen, PPG, STIHL and The Wooster Brush Company.
While her background was in the restaurant industry, Talerico did not let a steep learning curve and lack of home improvement knowledge deter her dreams of owning a hardware store. With a packed U-Haul truck and a degree in food service management, Jessica made the 980-mile trip from Sea Island, Ga., to Old Lyme, Conn., and purchased Old Lyme Hardware in 2021.
With a go-getter attitude and willingness to put in the work, Talerico began organizing and renovating the store—updating the floors, shelving, inventory and more. “I knew that every inch of retail space makes a difference to a store, so I opened the back room to the rest of the store to add valuable retail square footage,” she says. “Once the changes started to happen, they didn’t stop.”
With help from family and friends over the course of one weekend, Jessica replaced the 4-ft. shelving with 6-ft. gondolas, switched out the worn floors for new wood floors and removed all the outdated inventory from the store. She met with a number of vendors to determine the best product selection and options for her store, eventually adding over $100,000 worth of new inventory, including fasteners, plumbing, electrical, power tools and outdoor power equipment.
Asked what are the keys to her success in the industry, Talerico responds, “My parents have been huge supporters, but my success has also come down to me being willing to embrace opportunity and taking that leap of faith. You have to be willing to learn new things, jump in with both feet and take a chance.”
The store’s digital presence also got a facelift with a new website. Talerico became active on the store’s social media accounts, creating and sharing videos showing the store’s updates and new items added.
Thanks to Talerico’s hard work, sales increased 500 percent in the first year. She learned a great deal about the industry in a short period of time and is committed to continuing that process.
“I may not have known much when I bought the store, but I learned quickly and was involved in all parts of the demolition and remodel,” Talerico says, adding, “I did a handwritten inventory of everything in the store to learn the products and taught myself the ins and outs of the store’s point-of-sale system so I could be as educated about my store as possible.”
She built a demo wall for electrical wiring to teach customers how each part functions, and she attends multiple hardware shows each year to learn more about products, talk with distributors and see demonstrations.
Commenting on the biggest challenges facing independent retailers this year, Talerico says, “I think competing against the big-box stores and online retailers is a challenge for the independent channel right now. But these challenges can also be opportunities for our industry to offer something those other retailers can’t — personalized service. People want to connect with others again, they want to walk into a store and know they are not just some number. As independents, we can provide that service.”
With 10 years of restaurant experience, Talerico thrives on customer service and building relationships. Many of her first customers quickly became regulars, and she opened 37 personal and business accounts for customers to make it more convenient for them to make purchases at the store.
She became a member of the local chamber of commerce and has participated in numerous community events, including Old Lyme’s annual Midsummer Festival. She even entered Old Lyme Hardware’s 1952 Ford truck in the Lyme-Old Lyme Lions Car Show at the latter and won second place!
Talerico was named the 2022 Young Professional of the Year by the Chamber of Commerce of Eastern Connecticut.
Connecting with customers in the store, Talerico has hosted an Easter Egg Hunt in the spring and a pumpkin carving at Halloween, She has also collaborated with the town’s library to hold a youth reading night and every third Saturday of the month is dubbed “Coffee With a Handyman,” when Talerico brews fresh coffee and serves donuts and popcorn.
It is not unusual to walk into the store and see a Weber grill, a bucket of tools or a Blackstone grill being auctioned for charity, and Talerico has donated much of the old inventory to the Lyme-Old Lyme High School’s industrial design program.
With a heart for teaching young customers the same skills she learned on the job, you will often see young DIY’ers learning new skills in the store, everything from building grills and Adirondack chairs to learning how to weld. She has given the people of Old Lyme the option for delivery and has even gone to houses to take special measurements or perform grill maintenance.
Honoring the company’s storied history but adding her own touch to the business, Talerico changed the name of the store to Old Lyme Hardware and created a branded line of T-shirts, hooded sweatshirts and other merchandise, including a die-cast model of the store’s iconic red 1952 Ford F1 truck. “The store has a rich history in our small community but has always been known by the proprietor’s last name,” Talerico explains, saying, “I believed the store belonged to the community and decided on ‘Old Lyme Hardware’ to honor that connection.”
Why is being involved in the local community so important to her? Talerico responds enthusiastically, “I have no home improvement background or experience in owning a business, so going into this adventure, my community has been everything. We’re here for the community, and they’re what keeps us going. As long as they’re coming in, we’re able to stay in business. So it’s a priority for us to be there for the community and support them in whatever way we can.”
Editor’s Notes: (i) For more information on the ‘Young Retailer of the Year’ awards program, honorees and more, visit YourNHPA.org/yroty.
(ii) Founded in 1900 by a group of retailers, the North American Hardware and Paint Association (NHPA) is a not-for-profit trade association, whose mission is to help home improvement, paint and decorating outlets in the U.S. and Canada become better and more profitable retailers. Governed by a board of independent hardware and paint retailers, NHPA fulfills its mission by providing how-to management resources, product discovery, training programs and networking opportunities for the industry it serves. Learn more at YourNHPA.org.
(iii) This article is based on press releases issued by NHPA.
What a terrific young woman and what a pleasure it is to have her at the helm of our local hardware store. Thanks for being there and congratulations on award.