True colors: What a CFO needs to know about paint
JG: There are many factors that go into a store remodel, and paint is one that is generally seen as a wholly separate line item in the construction specs. And with paint, the first thing people tend to think about is the cost of the paint itself.
What many don’t realize is that installation and labor amounts to about 85% of the total cost of the job. If you’re thinking first about the cost of the paint, and you’re trying to cut expenses, trying to spend as little as possible, you will actually end up spending more on labor.
Cheaper paints require more coats and more priming, and they take a much longer time to dry. They also fade faster, show wear quicker and have to be redone more often. This can get doubly expensive if you have to shut down the store, or part of the store, for extended periods because of the long installation time. You’re not only overpaying for the work, but you’re losing revenue due to the closure.
CSA: How has this become such a common problem?
JG: Historically paint specifications used the term “or equal,” opening the door for painters to decide what paint product they would use and have the store simply match the colors. With new technology today, paint is no longer an “or equal” product. New zero-VOC technology has changed the norm. Today following the specifications is the best way to realize optimal savings. It all starts with the planning and then full specification compliance.
That is what Benjamin Moore does — follows the job.
CSA: What are the differences? What makes one paint more preferable than another? JG:Painting technology has come a long way in the last several years. For decades, all paint used to be glycol colorant-based, which was high in VOCs. Now, most paints are still glycol colorant-based, but they’ve eliminated the VOCs. At Benjamin Moore, we developed and patented a high-performance, resin-based colorant system, and we color all our own paint, which does not use glycol.
We’re more like a microbrew in that sense, and the patented technology has tremendous advantages. First, it takes less time to install, rarely ever requires more than two coats, and often only one. It also dries in half the time, and is odorless and VOC-free. It’s true-to-brand color matching, with minimal disruption or store downtime. And by minimal, I mean that most paint jobs are started and fully completed during regular store closing periods, with absolutely no loss of revenue steam.
CSA: How do you approach working with a retailer?
JG:We never think of ourselves as just paint vendors; we form strategic relationships with retailers for the complete life cycle of their stores. Today, all companies have a great opportunity to use high-performing products, while saving money because of the inherent benefits of the technology. We work closely with the retailer’s construction team to select the precise right paint product for each location element. Many times we’ll recommend a high-quality, high-performance paint for high-traffic areas — fitting rooms, for example, which tend to see the most wear and tear.
On the other side of the coin, we can downgrade the paint recommendation for other areas of the store that don’t require it — the store floor, for example, because it’s usually well masked by the merchandise. In the end, our recommendations are about saving the retailer time and money for the long run. We think of ourselves as the premium provider in a category that hasn’t always valued high performance. But by combing our unique technology with our strategic services, we’re able to deliver premium quality without the price tag.
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