The biggest issue is the price point/perceived quality issue.
To dismiss these boxes as overpriced Chinese **** from a retailer that specializes in Chinese ****, is misinformed. Datsun, Toyota, Honda, etc. used to make "Chinese ****." The American made stuff was "way better." Then they grabbed a toehold, and Americans began to perceive value in these lower priced, but albeit lower-perceived-quality, products. As market share grew, the product improved and soon the likes of Lexus, Infinity, Acura, etc. were born. Initially, I'd imagine getting consumers to buy a Lexus or Acura was more difficult. It became a more expensive version of the lesser product. It eventualluy morphed into its own brand identity. Now, their perceived quality surpasses the domestic manufacturers in the minds of many (most?) consumers. Likewise, the price of these cars is commensurate with their perceived quality. This is precisely the well-worn path that HF is currently on. They marketed **** tools for a cheap price, then upped the game with Pitts Pro (think 80s-90s Toyotas). Now we see Icon, which is their rollout of a Lexus-like brand. The problem is that growth like this takes time and must be incremental. Instead of selling a slightly higher priced USG/Pitts Pro product in an effort to build the Icon brand, HF introduced a product that is marginally better than it's prior high-end offerings and priced it at multiples of its other products. It tried to make Icon be an iconic offering with absolutely zero provenance. The discrepancy is too great to be successful.
In my opinion, Icon suffers from a gap in perceived quality vs. price point. The USG boxes are pretty damn nice for the money. If I didn't have a couple Snap-On rollaways already, that is probably where I would spend my dollars. Sufficient storage for most advanced home gamers, but still at a price point most can swallow. A nice Christmas bonus or saving your pennies for a few months makes this box attainable. Not so with Icon.
Historically, HF boxes sucked. All of a sudden, the USG44 and USG56 gained a strong following. Then the USG72 followed suit. While these boxes have become well regarded, how long have they really been around in the grand scheme of things? Maybe 10 years? Still, on sale, the pinnacle of the HF offering was roughly $1,000.00. Then comes the Icon brand with a ****** launch that took too long to roll out, suffered from QC issues, etc. For a company that has a reputation for **** tools that it is trying to overcome, nothing could have been worse from the standpoint of trying to position its new premium line. Once these issues are ironed out, Icon could become the next Lexus, commanding a premium in the import tools market, but today isn't that day. They have not succeeded at the USG price point for a long enough period of time to divest themselves of the "**** tools" albatross around their neck or to prove that they can offer long-term product support on higher priced items like rollcabs.
Products need to directly compete in a market segment or identify their own new market segment. Here, Icon seems lost. USG fits in the sub $1,000.00 market and competes fairly well with other offerings from big box stores, internet, etc. The problem is the next step up is 4x the price! If I want a 72" box that is 30" deep, I can't find that at HF. I can get close at HF with the Icon line at roughly $3,800, but the depth is lacking. What I can buy that fits my desires is a 72"x30" box with a free stainless top for $2,400.00 from strictlytoolboxes.com. Now, why in the hell would I pay 50% more for a box that is of similar quality with less capacity? Oh, and that stainless top from HF? That's another $500.00. Now I am close to paying twice as much at HF for less storage. NFW. Unfortunately, the reality is that THIS is the place HF needs to compete. Would I be willing to pay more for Icon than USG? Sure. Am I going to pay 4x as much? No. There is certainly some incremental value from being able to put my hands on it in the store, but not double the price. Maybe that incremental value takes the form of me buying a 25" deep box I can touch vs. a 30" one I can't. Either way though, the backstop for this discussion is the used truck box market. I bought a beautiful Snap-On 72" x 30" box for $3,000.00 on CL. I got a deal, but I see similar deals fairly frequently. With that being the case, I just do not see a market for a box that approaches that price point, much less one that surpasses it.
I do not pretend to know what HF knows; their access to data far surpasses mine and my common sense approach likely pales in comparison to their market research. What I do know is that Icon has been roundly regarded as a complete and utter flop. Adjusting the brand position is in order, or else the poor performance will continue until the brand dies or is sustained only through sheer will by a massive hemorrhaging of profits from more successful products HF sells.
